- AUD/JPY advanced sharply on Monday and broke above the Kumo.
- Even though the cross shifted neutral-upwards, downside risks remain.
- Upwards above 96.00, as bulls target 97.00; otherwise, bears will step in and push prices towards 95.00.
On Monday, the AUD/JPY climbed 0.73% amidst a risk-on impulse as portrayed by Wall Street printing solid gains. The cross-pair breached the Ichimoku Cloud (Kumo), turning neutral bullish biased, but needs to reclaim the November 30 latest cycle low of 97.23 before cementing the uptrend. At the time of writing, the pair is trading at 95.96, almost flat as Tuesday’s Asian session begins.
The AUD/JPY daily chart sees the pair as neutral to bullish biased but facing strong resistance at around the 96.00 figure. Once cleared, the next stop would be the Kijun-Sen at 96.14, followed by the December 7 high at 96.49, ahead of the 97.00 mark.
On the other hand, if the uptrend stalls at 96.00, that could pave the way for further losses. The first support would be the Senkou Span B at 95.80, followed by the bottom of the Kumo at 95.25/35. Once that area Is surpassed, bears could accelerate the downtrend towards the December 8 low of 94.17, and the December 7 low of 93.70.
AUD/JPY Price Analysis – Daily Chart
AUD/JPY Technical Levels
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. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended content
Editors’ Picks
EUR/USD eases toward 1.0700 as USD finds feet ahead of ADP, Fed Minutes
EUR/USD is retreating toward 1.0700 in the early European session on Wednesday. The pair struggles, as the US Dollar finds its feet in the aftermath of the dovish Fed Chair Powell's comments. Cooling EU inflation keeps the Euro undermined. Eyes turn to US ADP data, Fed Minutes.
GBP/USD flatlines below 1.2700, looks to US data/Fed minutes
GBP/USD is lacking a firm directional bias below 1.2700 on Wednesday, reversing early gains. Traders appear reluctant and prefer to wait on the sidelines ahead of the FOMC minutes while the UK elections on Thursday also keep them on the edge. US ADP data eyed as well.
Gold eyes a range breakout, as Fed Minutes looms
Gold price is trading around a flatline near $2,330 early Wednesday, as traders consider the recent US jobs data and Federal Reserve Chairman Jerome Powell’s speech, bracing for yet another busy US calendar.
Bitcoin struggles around $64,000 level
Bitcoin faces resistance near the $64,000 daily level, leading to a 1.05% decline in trading on Wednesday. Ethereum and Ripple similarly encounter resistance, resulting in 1% and 0.5% declines, respectively.
ADP Employment Change Preview: US private sector expected to add 160K new jobs in June
The United States ADP Research Institute will release its monthly report on private sector job creation for June. The announcement is expected to show that the country’s private sector added 160K new positions in June after adding 152K in May.