- AUD/JPY clears a downslope resistance trendline around 92.50, with bulls eyeing 93.00.
- Consolidation within the 92.00-93.40 area would keep AUD/JPY traders entertained, nearby last week’s highs.
- AUD/JPY Analysis: Once it clears 93.50, a rally toward 95.00 is on the cards.
The Australian dollar (AUD) is recovering against the Japanese Yen (JPY) despite market sentiment shifting sour as US equity futures turned red, except for the Dow Jones. As the North American session fades, the AUD/JPY is advancing 0.63%, trading at 92.82.
From a daily chart perspective, the AUD/JPY is still neutral-biased, though trading within the 92.00-93.40 range, nearby the highs of the last week. AUD/JPY price action distanced from the daily Exponential Moving Averages (EMAs), suggesting that the uptrend is accelerating. Also, the Relative Strength Index (RSI) shifted upward in bullish territory. Therefore, the AUD/JPY could be testing the 93.00 figure in the near term, followed by the November 30 daily high at 93.84 and the psychological 94.00 figure.
As an alternate scenario, it is less likely that the AUD/JPY shifts gears and turns bearish, though it would face a solid support area below 92.00. Firstly, the 100-day EMA at 91.91, followed by the 91.50-60 area, a confluence of the 20/200/50-day EMAs, and then the 91.00 figure.
AUD/JPY Daily chart
AUD/JPY Key technical levels
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