AUD/JPY Price Analysis: Teeters on top of Ichimoku cloud, buyers eye 95.00
- AUD/JPY trades at 94.58, down 0.11%, as it approaches the Ichimoku Cloud, indicating a possible shift from a neutral to upward bias.
- First resistance lies at the August 30 high of 95.06, followed by the July 31 swing high at 95.83; a ‘bearish-harami’ pattern could signal a downside.
- Immediate support is at the August 30 low of 94.17, with a breach potentially exposing the Senkou-Span A at 93.87 and the August 21 low of 92.83.
The Australian Dollar (AUD) registers minuscule losses vs. the Japanese Yen (JPY) as Thursday’s Asian session begins and is threatening to break above the Ichimoku Cloud (Kumo), which would open the door for further upside. At the time of writing, the AUD/JPY is trading at 94.58, down 0.11%.
AUD/JPY Price Analysis: Technical outlook
The cross-currency pair daily chart portrays the par as neutral to downward biased, but it could shift to neutral if the AUD/JPY clears the top of the Kumo. In that event, the first resistance to test would be the August 30 high of 95.06, followed by the July 31 swing high at 95.83. Nevertheless, as the AUD/JPY formed a spinning top, price action could remain trapped within Wednesday’s high and low. If that scenario is about to play out, the pair could create a ‘bearish-harami’ candlestick pattern, which could pave the way for further losses.
In that event, the first support would be the August 30 low of 94.17, followed by the 94.00 figure. A breach of the latter will expose the Senkou-Span A at 93.87, followed by the August 21 low of 92.83.
AUD/JPY Price Action – Daily 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.
