AUD/JPY Price Analysis: Remains subdued around 94.50/95.00, amid lack of catalyst
- AUD/JPY trades at 94.98, down 0.02%, after failing to sustain gains above 95.00.
- Daily chart shows potential for downside, with first support at October 30 low of 94.65.
- Resistance levels to watch include 95.00, current week's high at 95.52, and October 25 high at 95.89.
The AUD/JPY continues to consolidate at around 94.50/95.00 in early trading on Tuesday's Asian session after failing to stay above the 95.00 figure on Monday. The cross-pair printed decent gains of 0.32% yesterday, but as the Asian session starts, the pair exchanges hands at 94.98, down 0.02%.
The daily chart portrays the pair remaining sideways, about to drop inside the Ichimoku Cloud (Kumo), which could open the door for further downside. The AUD/JPY first support would be the October 30 low of 94.65, followed by the 94.00 figure. Once that level is cleared, the next stop would be the base of the Kumo at 93.96, followed by the October 3 low of 93.01.
On the flip side, the AUD/JPY first resistance would be the 95.00 figure, followed by the current week’s high at 95.52. A decisive break would expose the October 25 95.89 mark, ahead of 96.00.
AUD/JPY Price Analysis: Technical outlook
AUD/JPY Technical Levels
Author
Christian Borjon Valencia
FXStreet
Christian Borjon began his career as a retail trader in 2010, mainly focused on technical analysis and strategies around it. He started as a swing trader, as he used to work in another industry unrelated to the financial markets.
