- AUD/JPY trades sideways within a busy area surrounded by all daily moving averages.
- AUD/JPY Price Analysis: Within the 91.57-89 area.
AUD/JPY fluctuates as the Asian session opens, registering a slight gain of 0.07% and trading hands at around 91.73. The risk-on impulse supported the Australian dollar (AUD) while the dovish comments of newly appointed Bank of Japan (BoJ) Governor Kazuo Ueda were a headwind for the Japanese yen (JPY).
With AUD/JPY bottoming out around 91.30 over the past few days, price action is contained within the confluence of all daily exponential moving averages (EMAs) around 91.57-89. Additionally, AUD/JPY is trading flat as the Relative Strength Index (RSI) remains flat, meaning buyers and sellers are in equilibrium.
If AUD/JPY clears the high end of the range, the next resistance will be at 92.00. A breakout of the latter would see the February 21st high of 93.00 followed by the December 13th high of 93.35. Once redeemed, AUD/JPY’s next stop will be the psychological 94.00 wall.
In another scenario, if AUD/JPY clears the uptrend line of a month ago, sellers will put downward pressure on AUD/JPY. The first support for AUD/JPY is the number 91.00. A breakout will cause the pair to drop towards his February 10 swing low of 90.22 and then to the 90.00 psychological level.