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Analysis of the AUD/JPY Price Indicates Modest Gains as Investors Aim for 97.00
AUD/JPY closes at 96.35 following a 0.46 percent increase; a bullish harami pattern indicates possible upside momentum. The January 2 high of 96.71 and the 97.00 level are targets for buyers, while the 97.67 and 98.00 levels represent subsequent resistance. Sellers may target Senkou Span B at 96.14 and Kijun Sen at 95.90, with 94.58 serving as additional support, should the upside be capped.
The AUD/JPY recorded modest gains of 0.46% on Wednesday, but it opens Thursday's trading session at a level below the previous day's close of 96.42. However, the reestablishment of the Kijun-Sen and the entry of purchasers near the base of the Ichimoku Cloud (Kumo) have created an opportunity for additional gains. As of this writing, the cross-pair is trading at 96.35, representing a decrease of 0.07%.
The AUD/JPY pair appears to be range-bound on the daily chart; however, the development of a 'bullish-harami' candlestick pattern may signal an opportunity for additional gains. A resumption of bullish sentiment requires purchasers to surpass the January 2 peak of 96.71, then the 97.00 level. After those two levels have been cleared, the June 19 high at 97.67 would be the subsequent level of resistance. The 98.00 psychological level would follow.
If sellers halted the AUD/JPY advance above 96.71, however, prices could be dragged towards the Kijun Sen at 95.90, followed by the Senkou Span B at 96.14. After that is accomplished, the December 14 low of 94.58 would be the following area of demand to examine.
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