- AUD/JPY rallies to 95.64, its highest level in one-and-a-half months, buoyed by RBA’s latest monetary policy minutes.
- Following resistance levels in sight: July 25 swing high at 95.85 and the psychological 96.00 mark.
- Downside risks remain, with key support levels at the Ichimoku Cloud top at 94.74 and the Tenkan-Sen line at 94.60.
The AUD/JPY printed solid gains on Tuesday, and as Wednesday’s Asian session begins, the cross-currency pair hovers around 95.39 after touching a new one-and-a-half-month high at 95.64.
The AUD/JPY daily chart portrays the pair as neutral to upward biased. Even though it formed a ‘bearish-harami’ until yesterday, the cross-currency pair extended its gains due to fundamental news, such as the latest Reserve Bank of Australia (RBA) monetary policy minutes. Discussions amongst the RBA members kept the door open for additional tightening and sparked Tuesday’s rally.
Hence, the AUD/JPY extended its gains and is set to test the July 25 swing high at 95.85. A breach of the latter would expose the 96.00 mark, followed by last year’s high at 97.67. Conversely, if the cross retreats below 95.00, the next support would emerge at the top of the Ichimoku Cloud (Kumo) at 94.74, followed by the Tenkan-Sen line at 94.60, and followed by the Kijun-Sen at 94.21.
AUD/JPY Price Action – Daily chart
AUD/JPY Technical Levels
|Today last price||95.39|
|Today Daily Change||0.37|
|Today Daily Change %||0.39|
|Today daily open||95.02|
|Previous Daily High||95.26|
|Previous Daily Low||94.79|
|Previous Weekly High||95.55|
|Previous Weekly Low||93.65|
|Previous Monthly High||95.81|
|Previous Monthly Low||92.79|
|Daily Fibonacci 38.2%||94.97|
|Daily Fibonacci 61.8%||95.08|
|Daily Pivot Point S1||94.79|
|Daily Pivot Point S2||94.55|
|Daily Pivot Point S3||94.32|
|Daily Pivot Point R1||95.25|
|Daily Pivot Point R2||95.49|
|Daily Pivot Point R3||95.72|
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.