- The AUDJPY is set to finish the week with gains of 0.40%.
- AUDJPY Price Analysis: Once it cleared 95.56, it could re-test the YTD highs at around 98.50.
The AUDJPY edges higher, snapping three days of consecutive losses amidst an upbeat market sentiment, as Wall Street pared its losses, while the US Dollar dropped almost 2%. At the time of writing, the AUDJPY is trading at 94.96, above its opening price by 1.89%.
AUDJPY Price Analysis: Technical outlook
The AUDJPY is neutral-to-upward biased and, on its recovery from weekly lows around 92.96, cleared the 50 and 100-day Exponential Moving Averages (EMAs), at 94.59 and 94.21, respectively. Of note, the AUDJPY needs to clear the weekly high at around 95.56, to pose a threat to the year-to-date highs at around 98.50.
On the flip side, the AUDJPY would remain range-bound, trapped in the 94.21-95.56 range.
Short term, the AUDJPY is neutral-to-upward biased, hoovering around the R3 daily pivot level, which, once cleared, could send the cross towards the R4 pivot point at 95.42. However, the RSI at overbought territory could open the door for a pullback before resuming the uptrend.
Otherwise, if the AUDJPY struggles at around 94.96, the first support would be the R2 pivot point at 94.52. Break below will expose crucial demand zones like the 100-EMA at 94.28, followed by the psychological 94.00 figure.
