- AUD/JPY clears a downslope resistance trendline around 92.50, with bulls eyeing 93.00.
- Consolidation within the 92.00-93.40 area would keep AUD/JPY traders entertained, nearby last week’s highs.
- AUD/JPY Analysis: Once it clears 93.50, a rally toward 95.00 is on the cards.
The Australian dollar (AUD) is recovering against the Japanese Yen (JPY) despite market sentiment shifting sour as US equity futures turned red, except for the Dow Jones. As the North American session fades, the AUD/JPY is advancing 0.63%, trading at 92.82.
From a daily chart perspective, the AUD/JPY is still neutral-biased, though trading within the 92.00-93.40 range, nearby the highs of the last week. AUD/JPY price action distanced from the daily Exponential Moving Averages (EMAs), suggesting that the uptrend is accelerating. Also, the Relative Strength Index (RSI) shifted upward in bullish territory. Therefore, the AUD/JPY could be testing the 93.00 figure in the near term, followed by the November 30 daily high at 93.84 and the psychological 94.00 figure.
As an alternate scenario, it is less likely that the AUD/JPY shifts gears and turns bearish, though it would face a solid support area below 92.00. Firstly, the 100-day EMA at 91.91, followed by the 91.50-60 area, a confluence of the 20/200/50-day EMAs, and then the 91.00 figure.
AUD/JPY Daily chart
AUD/JPY Key technical levels
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended content
Editors’ Picks
AUD/USD gains momentum above 0.6500 ahead of Australian Retail Sales data
AUD/USD trades in positive territory for six consecutive days around 0.6535 during the early Asian session on Monday. The upward momentum of the pair is bolstered by the hawkish stance from the Reserve Bank of Australia after the recent release of Consumer Price Index inflation data last week.
EUR/USD: Federal Reserve and Nonfarm Payrolls spell action this week
The EUR/USD pair temporarily reconquered the 1.0700 threshold last week, settling at around that round level. The US Dollar lost its appeal following discouraging United States macroeconomic data indicating tepid growth and persistent inflationary pressures.
Gold trades on a softer note below $2,350 on hotter-than-expected US inflation data
Gold price trades on a softer note near $2,335 on Monday during the early Asian session. The recent US economic data showed that US inflationary pressures staying firm, which has added further to market doubts about near-term US Federal Reserve rate cuts.
Ethereum fees drops to lowest level since October, ETH sustains above $3,200
Ethereum’s high transaction fees has been a sticky issue for the blockchain in the past. This led to Layer 2 chains and scaling solutions developing alternatives for users looking to transact at a lower cost.
Week ahead: Hawkish risk as Fed and NFP on tap, Eurozone data eyed too
Fed meets on Wednesday as US inflation stays elevated. Will Friday’s jobs report bring relief or more angst for the markets? Eurozone flash GDP and CPI numbers in focus for the Euro.