AUD/JPY Price Analysis: Struggles at 95.00, as risk-off impulse spurs a correction
- AUD/JPY gained 0.44% on Thursday but couldn’t hold above the 95.00 level, triggering a downward correction.
- Buyers must reclaim the Tenkan-Sen line at 95.42 to continue the upward trend, but first, they must conquer the 95.00 level.
- If sellers maintain the price below 95.00, it could lead to a fall toward the Kijun-Sen line at 94.32.
The AUD/JPY printed solid gains of 0.44% on Thursday but failed to cling to gains past the 95.00 mark, exacerbating a downward correction amid a risk-off impulse. As Friday’s Asian session begins, the AUD/JPY is trading at 94.93, gains 0.02%, though still below the 95.00 figure, and is set to consolidate within familiar levels.
AUD/JPY Price Analysis: Technical outlook
From a daily chart perspective, the AUD/JPY is set to continue to trend upwards, but buyers must reclaim the Tenkan-Sen line at 95.42, but firstly they would need to conquer the 95.00 figure. Conversely, if AUD/JPY sellers hold prices below 95.00, that would exacerbate a fall toward the Kijun-Sen line at 94.32.
The AUD/JPY shifted neutral from an intraday perspective, as the hourly chart shows. With the price falling below the Tenkan-Sen line at 95.13 and hoovering around the Kijun-Sen line at 94.93, the pair remains trendless but slightly tilted to the downside after breaking solid support at 95.00.
If AUD/JPY dives below the Kijun-Sen level, the next stop would be the Senkou-Span B level at 94.81. Once sellers conquer that demand area, the following support would be the November 16 daily high at 94.65, followed by the top of the Ichimoku Cloud (Kumo) at 94.50.
Conversely, if AUD/JPY buyers reclaim 95.00, that could pave the way for an upside move, with the Tenkan-Sen level as the first resistance at 95.13. A breach of the latter will expose the July 10 high at 95.47, followed by the October 21 high of 95.74, before challenging 96.00.
AUD/JPY Price Action – 1-hour chart
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.
