AUD/JPY Price Analysis: Sellers take a breather as downtrend stalls at around 96.20
- AUD/JPY halts downtrend with the pair gaining 0.10%, despite market sentiment remaining sour.
- Potential consolidation as weekly lows hold; breach below 96.26 may lead to testing psychological support at 96.00.
- Upside potential if buyers reclaim Kijun-Sen at 97.08, targeting Senkou Span A at 97.25 and November 30 high at 98.10.
The AUD/JPY snaps two days of losses as the downtrend halts above the 96.00 figure, even though market sentiment remains sour as reflected by US equities, which printed losses between 0.19% and 0.58%. At the time of writing, the pair is exchanging hands at 96.50, registering minuscule gains of 0.10%.
Despite closing at around the weekly lows and remaining tilted to the downside, the AUD/JPY pair could be subject to a consolidation. If the cross breaks below the current week’s low of 96.26, that would open the door to challenging the 96.00 psychological figure. Below that level lies the next support level at the top of the Ichimoku Cloud (Kumo) at around 95.15/25.
Contrarily if buyers reclaim the Kijun-Sen at 97.08, further upside lies above the Senkou Span A at 97.25. Once those two levels are cleared, the next resistance level would be the November 30 high at 98.10.
AUD/JPY Price Analysis – Daily Chart
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.
