AUD/JPY Price Analysis: Seesaws around the 94.10-80 range, amidst a lack of a catalyst

The AUD/JPY marginally advances as the Asian session begins up by 0.01%, carrying on the momentum gathered on Tuesday, when the cross-currency pair finished the session with solid gains of 0.24%. At the time of writing, the AUD/JPY is trading at 94.69.

On Tuesday, the AUD/JPY price action witnessed the pair opening around the 94.50 area, followed by a dip towards its daily low at 94.10. However, despite a dismal sentiment in the financial markets, courtesy of dismal S&P Global PMIs readings across the globe, the AUD/JPY rallied towards its daily high at 94.85 before retreating toward current price levels.

AUD/JPY Price Analysis: Technical outlook

The AUD/JPY advance now totals four consecutive days of gains. Worth noting that on its way north, AUD/JPY buyers reclaimed the 20, 50, and 100-day EMAs. However, they had failed to clear a three-month-old downslope trendline drawn from June highs near the 94.80-95-00 area. A breach of the latter will clear the way towards the YTD high at 96.88, but buyers will need to reclaim the 96.00 mark.

In the near term, namely the 4-hour chart, the AUD/JPY is facing solid resistance around the abovementioned trendline, putting a lid to AUD/JPY’s higher prices. Additionally, the pair is trading below an upslope trendline drawn from August 16 lows, which, acting as resistance, has kept the cross-currency pair seesawing within the 94.10-80 range.

All that said, the AUD/JPY is trading sideways. Therefore, a break above 94.80 would pave the way towards the 95.00 figure, followed by 96.00 and the YTD high at 96.88. On the flip side, the AUD/JPY first support will be the confluence of the 20-EMA and the daily pivot at around 94.57, followed by the S2 pivot at 94.28, and the confluence of the 100 and 200-EMA at 94.22.

AUD/JPY Key Technical Levels