AUD/JPY Price Analysis: Soars to 1 ½ month high; is 96.00 on the horizon?

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.

Christian Borjon Valencia FXStreet

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

AUD/JPY

Overview
Today last price	95.39
Today Daily Change	0.37
Today Daily Change %	0.39
Today daily open	95.02

Trends
Daily SMA20	94.35
Daily SMA50	94.31
Daily SMA100	93.85
Daily SMA200	92.04

Levels
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

Author

Christian Borjon Valencia

FXStreet

Markets analyst, news editor, and trading instructor with over 14 years of experience across FX, commodities, US equity indices, and global macro markets.

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