AUDJPY Price Analysis: Breaks above the 50/100-DMA eyeing 96.00 on risk-on mood


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  • AUDJPY remains trapped in a 250 pip range amid the lack of conviction of AUD and JPY traders.
  • From a daily chart perspective, the AUDJPY is range-bound.
  • Short term, the AUDJPY might pull back before challenging the top of the range at 95.60.

The AUDJPY advances for two consecutive days as Wall Street finishes the Monday session with solid gains, reflecting an improvement in market sentiment, as US midterm elections loom as traders brace for US inflation figures late in the week. In the FX space, risk-perceived currencies like the Aussie Dollar got bolstered, while safe-havens are trading with losses. Therefore, the AUDJPY is trading at 94.95, up by 0.03% as the Asian session begins.

AUDJPY Price Analysis: Technical outlook

From a daily chart perspective, the AUDJPY is neutral biased, as shown by the 50 and 100-day Exponential Moving Averages (EMAs) trendless, trapped within the 94.22/57 range. Additionally, the AUDJPY is range-bound within 94.20-95.60. At the same time, the Relative Strength Index (RSI) at 54.91, in bullish territory, suggests the cross could be headed upwards. Still, RSI needs to clear the 60 figure, which would indicate to AUDJPY traders that buyers are gathering momentum.

The AUDJPY one-hour timeframe depicts price action cleared the 100 and 200-hour EMAs, which would open the door for further gains if their slopes were not flat. Unless the AUDJPY clears last Friday's daily high at 95.97, a pullback towards the 200-hour EMA as its first target, followed by additional downside, is on the cards.

Hence, the AUDJPY first support would be the 200-hour EMa at 94.50, followed by the confluence of the S1 daily pivot and the 50-hour EMA at 94.39, followed by the 100-hour EMA at 94.20, ahead of the S2 daily pivot at 93.90.

On the other hand, a resumption to the upside needs to clear 95.60. Once done, the next supply zone would be the November 1 swing high at 95.55, followed by the 96.00 figure.

AUDJPY Key Technical Levels

AUD/JPY

Overview
Today last price 94.94
Today Daily Change 0.06
Today Daily Change % 0.06
Today daily open 94.88
 
Trends
Daily SMA20 93.77
Daily SMA50 94.62
Daily SMA100 94.25
Daily SMA200 91.75
 
Levels
Previous Daily High 95.08
Previous Daily Low 93.1
Previous Weekly High 95.56
Previous Weekly Low 92.96
Previous Monthly High 95.75
Previous Monthly Low 90.84
Daily Fibonacci 38.2% 94.32
Daily Fibonacci 61.8% 93.86
Daily Pivot Point S1 93.62
Daily Pivot Point S2 92.37
Daily Pivot Point S3 91.64
Daily Pivot Point R1 95.61
Daily Pivot Point R2 96.34
Daily Pivot Point R3 97.59

 

 

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