AUD/JPY Price Analysis: Treads water around weekly highs, at around 94.40s
- The daily chart portrays the cross-currency pair in consolidation as bulls eye 95.00.
- Short term, the AUD/JPY uptrend remains in charge, with bulls eyeing 95.00.
The Australian Dollar (AUD) exchanges hands near the weekly highs vs. the Japanese Yen (JPY(, but remains trading sideways amidst the lack of clear catalysts that boost or undermine the former. As Wednesday’s Asian session begins, the AUD/JPY is trading at 94.48, down by 0.02%.
AUD/JPY Price Analysis: Technical outlook
The daily chart depicts the pair as neutral to upward based, capped on the upside by the September 5 swing high of 94.71. If the pair breaks that level, the next resistance would be the 95.00 figure, followed by the July 25 swing high at 95.85. On the downside, the AUD/JPY finds support at the top of the Ichimoku Cloud (Kumo) at 94.20. A breach of the latter, the pair could edge toward the September 8 low of 93.58 before dropping toward the August 18 low of 92.78.
The AUD/JPY hourly chart depicts the pair consolidating around the weekly highs. Although buyers are in charge, they would need a decisive break of the September 4 high at 94.52, followed by the August 31 high at 94.93, before testing 95.00. On the downside, the pair’s first support would be the Tenkan-Sen at 94.48; once cleared, the next support would be the Kijun-Sen at 94.30, followed by the psychological 94.00 figure.
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.
