AUD/JPY Price Forecast: Rises to near 98.00 amid potential for bullish divergence
|- AUD/JPY gains ground due to a potential for momentum shift to bullish from bearish bias.
- An emergence of a bullish sentiment is possible if the RSI rises above the 50 mark.
- The initial support appears at the psychological level of 98.00, followed by the nine-day EMA at 97.50.
The AUD/JPY cross extends its gains for the second successive day, trading around 98.20 during the Asian hours on Monday. The 14-day Relative Strength Index (RSI) is positioned slightly below the 50 level, indicating a bearish momentum is still in play. If the RSI rises above 50, it would signal an emergence of a bullish bias.
Additionally, a review of the daily chart indicates that the nine-day Exponential Moving Average (EMA) remains below the 50-day EMA. This alignment suggests that short-term price momentum is weaker compared to the longer-term trend, signaling the potential for continued price weakness.
The initial support for the AUD/JPY cross is located at the psychological level of 98.00, followed by the nine-day EMA at 97.50. A decisive break below this level could open the gates for the currency cross to navigate the region around its four-month low of 93.59, which was recorded on September 11.
On the upside, the AUD/JPY cross could test its primary resistance near the 50-day EMA at the 98.92 level. A decisive break above this level would signal strengthening bullish momentum, potentially driving the pair toward the five-month high of 102.41, last reached on November 7.
AUD/JPY: Daily Chart
Australian Dollar PRICE Today
The table below shows the percentage change of Australian Dollar (AUD) against listed major currencies today. Australian Dollar was the strongest against the Japanese Yen.
| USD | EUR | GBP | JPY | CAD | AUD | NZD | CHF | |
|---|---|---|---|---|---|---|---|---|
| USD | -0.16% | -0.15% | 0.08% | -0.07% | -0.25% | -0.27% | -0.26% | |
| EUR | 0.16% | 0.06% | 0.34% | 0.15% | 0.07% | -0.07% | -0.06% | |
| GBP | 0.15% | -0.06% | 0.16% | 0.09% | 0.01% | -0.13% | -0.12% | |
| JPY | -0.08% | -0.34% | -0.16% | -0.15% | -0.32% | -0.33% | -0.27% | |
| CAD | 0.07% | -0.15% | -0.09% | 0.15% | -0.13% | -0.21% | -0.21% | |
| AUD | 0.25% | -0.07% | -0.01% | 0.32% | 0.13% | -0.12% | -0.14% | |
| NZD | 0.27% | 0.07% | 0.13% | 0.33% | 0.21% | 0.12% | -0.02% | |
| CHF | 0.26% | 0.06% | 0.12% | 0.27% | 0.21% | 0.14% | 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).
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.