AUD/JPY Price Analysis: Oscillates around 91.50s after solid gains, remains sideways

Doji at 50-day EMA sparked a reaction by AUD bulls, lifted price by almost 2%.
AUD/JPY must reclaim the May 2 daily high of 92.43 for bullish continuation, followed by the YTD high of 93.04.
Neutrally biased AUD/JPY tilted upwards, downside risks lie below the May 3 daily high of 91.06.

Christian Borjon Valencia FXStreet

The AUD/JPY oscillates around 91.50s after posting solid gains on Monday as the Asian session begins. Last Friday’s doji at around the 50-day Exponential Moving Average (EMA) sparked a reaction by Aussie (AUD) bulls, which lifted the price by almost 2%. At the time of writing, the AUD/JPY is trading at 91.59.

AUD/JPY Price Action

AUD/JPY jumped from around 89.80s, erasing last Wednesday’s drop amidst sideways price action in the cross-currency pair. The AUD/JPY is neutrally biased, though tilted upwards; it would need to reclaim the May 2 daily high of 92.43 for a bullish continuation.

If that scenario plays out, the AUD/JPY next resistance would be the year-to-date (YTD) high at 93.04. A breach of the latter will expose November’s 16 high of 94.65, followed by November’s 8 swing high of 95.20.

Otherwise, AUD/JPY downside risks lie below the May 3 daily high of 91.06, which would expose the 91.00 figure. Once the spot price pierces the 90.00 handle, the 200-day EMA at 90.70 will be tested. If this level is taken out, the AUD/JPY next support would be the 100-day EMA at 90.38, followed by the 90.00 mark.

AUD/JPY Daily Chart

AUD/JPY

Overview
Today last price	91.6
Today Daily Change	0.63
Today Daily Change %	0.69
Today daily open	90.97

Trends
Daily SMA20	89.79
Daily SMA50	89.48
Daily SMA100	90.15
Daily SMA200	92.1

Levels
Previous Daily High	91.1
Previous Daily Low	89.81
Previous Weekly High	92.44
Previous Weekly Low	89.16
Previous Monthly High	90.78
Previous Monthly Low	87.59
Daily Fibonacci 38.2%	90.6
Daily Fibonacci 61.8%	90.3
Daily Pivot Point S1	90.15
Daily Pivot Point S2	89.34
Daily Pivot Point S3	88.87
Daily Pivot Point R1	91.44
Daily Pivot Point R2	91.91
Daily Pivot Point R3	92.72

Author

Christian Borjon Valencia

FXStreet

Markets analyst, news editor, and trading instructor with over 14 years of experience across FX, commodities, US equity indices, and global macro markets.

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