AUD/JPY Price Forecast: Hovers around 94.50, finds initial support at nine-day EMA
AUD/JPY may approach the upper boundary of the ascending channel of 95.50.
Bullish bias strengthens as the 14-day RSI is positioned above the 50 mark.
The nine-day EMA at 94.26 acts as the immediate support.
AUD/JPY inches lower after registering over 0.50% gains in the previous session, trading around 94.50 during the Asian hours on Thursday. As per the technical analysis of the daily chart, the currency cross continues to move upwards within an ascending channel pattern, indicating a persistent bullish bias.
The 14-day Relative Strength Index (RSI) remains above the 50 level, strengthening the bullish bias. Additionally, the AUD/JPY cross is positioned above the nine-day Exponential Moving Average (EMA), suggesting short-term price momentum is stronger.
On the upside, the AUD/JPY cross could explore the area around the upper boundary of the ascending channel of 95.50, followed by the four-month high of 95.75, which was recorded on March 18. A breach above this crucial resistance zone could reinforce the bullish bias and support the currency cross to target the psychological level of 96.00.
The AUD/JPY cross may target the primary support at the nine-day EMA of 94.26. A successful break below this level would weaken the short-term price momentum and prompt the currency cross to target the 50-day EMA at 93.50, followed by the ascending channel’s lower boundary around 93.00. Further decline below this crucial support zone would cause the emergence of the bearish bias and put downward pressure on the currency cross to approach the two-month low at 91.50, which was recorded on May 1.
AUD/JPY: Daily Chart
Australian Dollar PRICE Today
The table below shows the percentage change of Australian Dollar (AUD) against listed major currencies today. Australian Dollar was the strongest against the US Dollar.
The heat map shows percentage changes of major currencies against each other. The base currency is picked from the left column, while the quote currency is picked from the top row. For example, if you pick the Australian Dollar from the left column and move along the horizontal line to the US Dollar, the percentage change displayed in the box will represent AUD (base)/USD (quote).
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