AUD/JPY Price Forecast: Tumbles but bulls moved in around 96.00
- AUD/JPY trades flat at 96.16 as Aussie fails to capitalize on risk appetite.
- The 96.00 figure remains critical support; break below may trigger test of 95.50 and 95.00.
- Upside needs reclaim of 96.50 to challenge 97.00 and July peak at 97.43.
The AUD/JPY consolidates below the 97.00 level on Tuesday, following the release of the first election results in Japan. Although the risk appetite was upbeat, the Aussie Dollar failed to gain traction and is down at the beginning of the week. At the time of writing, the cross-pair trades at 96.16, virtually unchanged.
AUD/JPY Price Forecast: Technical outlook
Although the cross-pair dropped on Monday, it remains afloat above the 96.00 figure, seen as the last line of defense for bulls, before clearing the path toward the confluence of the 20 and 50-day SMAs at around 95.73/62.
The Relative Strength Index (RSI) indicates that buyers are losing some momentum, despite the RSI remaining bullish. Hence, in the near term, expect a leg down before the uptrend resumes.
If AUD/JPY drops below 96.00 and beneath the confluence of the 20 and 50-day SMAs, then the 95.50 mark would be up next. A breach of the latter will expose the 95.00 mark, followed by the 100-day SMA at 94.35.
On further strength, if AUD/JPY surpassed the 96.50 figure, a move toward 97.00 is on the cards. Key resistance levels lie overhead at 97.43, the July 15 high, followed by the 98.00 figure.
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 Japanese Yen.
| USD | EUR | GBP | JPY | CAD | AUD | NZD | CHF | |
|---|---|---|---|---|---|---|---|---|
| USD | 0.00% | 0.02% | 0.04% | -0.02% | 0.04% | 0.00% | 0.03% | |
| EUR | -0.01% | 0.04% | 0.05% | -0.01% | 0.03% | 0.07% | 0.04% | |
| GBP | -0.02% | -0.04% | 0.02% | -0.04% | -0.01% | -0.03% | 0.00% | |
| JPY | -0.04% | -0.05% | -0.02% | -0.04% | -0.01% | 0.03% | -0.08% | |
| CAD | 0.02% | 0.01% | 0.04% | 0.04% | 0.03% | 0.02% | 0.05% | |
| AUD | -0.04% | -0.03% | 0.00% | 0.01% | -0.03% | -0.00% | -0.03% | |
| NZD | 0.00% | -0.07% | 0.03% | -0.03% | -0.02% | 0.00% | -0.02% | |
| CHF | -0.03% | -0.04% | -0.00% | 0.08% | -0.05% | 0.03% | 0.02% |
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.
