AUD/JPY Price Forecast: Edges higher with eyes set on 94.00 as bullish harami emerges
- AUD/JPY breaks above 92.89, confirming bullish harami and signaling short-term upside momentum.
- Next resistance at 93.86; sustained rally needs break above May 13 high of 95.63 to shift broader trend.
- Drop below 92.00 would negate bullish outlook, targeting support near Senkou Span B at 90.83.
The AUD/JPY opens Wednesday’s Asian session with a positive mood, posting gains of over 0.08% at the time of writing. The cross-pair appears poised to extend the ongoing leg up, testing the May 29 daily high of 93.86.
AUD/JPY Price Forecast: Technical outlook
After posting back-to-back bearish sessions last week, the AUD/JPY formed a ‘bullish harami’, which was confirmed on Tuesday when the pair cleared the May 30 high of 92.89.
Although this suggests a trend reversal is underway, a change of the ongoing downtrend is far. The AUD/JPY must clear the May 13 high of 95.63 to shift the bias to neutral, as price action needs to confirm a reversal, printing successive series of higher highs and lows.
Conversely, if AUD/JPY tumbles below the May 30 low of 92.00, a fall toward the Senkou Span B at 90.83 is on the cards.
AUD/JPY Price Chart – Daily
Australian Dollar PRICE This week
The table below shows the percentage change of Australian Dollar (AUD) against listed major currencies this week. Australian Dollar was the strongest against the Swiss Franc.
| USD | EUR | GBP | JPY | CAD | AUD | NZD | CHF | |
|---|---|---|---|---|---|---|---|---|
| USD | -0.23% | -0.42% | 0.07% | -0.15% | -0.47% | -0.67% | 0.04% | |
| EUR | 0.23% | -0.20% | 0.29% | 0.06% | -0.24% | -0.46% | 0.27% | |
| GBP | 0.42% | 0.20% | 0.53% | 0.27% | -0.04% | -0.25% | 0.47% | |
| JPY | -0.07% | -0.29% | -0.53% | -0.22% | -0.55% | -0.74% | -0.11% | |
| CAD | 0.15% | -0.06% | -0.27% | 0.22% | -0.31% | -0.52% | 0.20% | |
| AUD | 0.47% | 0.24% | 0.04% | 0.55% | 0.31% | -0.15% | 0.60% | |
| NZD | 0.67% | 0.46% | 0.25% | 0.74% | 0.52% | 0.15% | 0.73% | |
| CHF | -0.04% | -0.27% | -0.47% | 0.11% | -0.20% | -0.60% | -0.73% |
The heat map shows percentage changes of major currencies against each other. The base currency is picked from the left column, while the quote currency is picked from the top row. For example, if you pick the Australian Dollar from the left column and move along the horizontal line to the US Dollar, the percentage change displayed in the box will represent AUD (base)/USD (quote).
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.
