AUD/JPY Price Forecast: Bulls extend recovery near 97.00

AUD/JPY bulls pushed the pair higher to 96.80 on Thursday, extending its recovery.
Technical indicators are improving, the RSI scaped oversold terrain and the MACD printed decreasing red bars below its neutral line.

Patricio Martín FXStreet

In Thursday's session, the AUD/JPY pair rose by 1.20% to 96.80, continuing its recovery mode after bottoming out at 90.10 on August 5th.

Technical indicators are improving. The Relative Strength Index (RSI) is rising and recently crossed above the oversold threshold, indicating a gain in momentum. Meanwhile, the Moving Average Convergence Divergence (MACD) is decreasing red bars below its neutral line but is losing momentum, suggesting a potential loss in bearish momentum.

AUD/JPY daily chart

Taking into account the above and Thursday's wider market risk appetite, the AUD/JPY could extend its advance towards 98.00. However, if the pair fails to break above 98.00, then it could correct lower. Immediate support is seen at 96.00 and then at 95.35. Other resistances are seen at 98.00 and then at the psychological 100.00 mark.

Author

Patricio Martín

FXStreet

Patricio is an economist from Argentina passionate about global finance and understanding the daily movements of the markets.

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