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Analysis Of The AUD/JPY Price: It Surpasses The Ichimoku Cloud But Struggles At 96.00 With Bears Approaching
On Monday, AUD/JPY surged significantly and broke above the Kumo. Despite the neutral-to-upward shift of the cross, adverse risks persist. As bulls aim for 97.00, prices will rise above 96.00; if not, bears will intervene and drive prices towards 95.00.
The AUD/JPY increased 0.73 percent on Monday amid a risk-on sentiment exemplified by Wall Street's substantial advances. The cross-pair has turned neutrally bullish with a bias after breaching the Ichimoku Cloud (Kumo), but it must reclaim the most recent cycle low of 97.23 from November 30 before solidifying the uptrend. As the Asian session on Tuesday commences, the pair is trading at 95.96 at the time of writing, which is nearly unchanged.
According to the AUD/JPY daily chart, the pair is neutral to bullish with a significant resistance level near 96.00. After clearance, the Kijun-Sen at 96.14 would be the subsequent target, followed by the December 7 high at 96.49, which would surpass the 97.00 threshold.
If the uptrend, however, encounters resistance at 96.00, it may create an opportunity for additional declines. The Senkou Span B at 95.80 would provide initial support, which would be succeeded by the Kumo at 95.25/35. Bears could accelerate the downtrend towards the December 8 and December 7 lows of 93.70 and 94.17, respectively, once that area is breached.
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