The AUD/JPY advances during the day yet retreats after hitting a daily high of 97.85 and sitting below 97.00. At the time of writing, the cross-pair trades at 96.97 and posts gains of 0.68%.
AUD/JPY Price Forecast: Technical outlook
The AUD/JPY downtrend remains in play despite the ongoing leg-up that saw the Aussie strengthen above the 97.00 figure. Momentum favors sellers, though in the short term, the Relative Strength Index (RSI) is aiming below its neutral line, indicating buyers are stepping in.Nevertheless, the August 12 price action formed a ‘shooting star’, usually a bearish candle followed by a daily close below the low of 96.15, which could pave the way for further losses.In that outcome, the AUD/JPY first support would be the 96.00 psychological mark, ahead of the 95.00 figure. Further losses lie beneath the Tenkan Sen at 94.43.Conversely, if AUD/JPY climbs past 97.85, buyers could challenge the 98.00 mark. Further gains are seen above the confluence of the Kijun-Sen and Senkou Span B at 98.74.
AUD/JPY Price Action – Daily Chart
More By This Author:Gold Price Surges As US Yields Drop, Geopolitical Tensions Escalate
Gold Ends The Week Firm As Traders Await US Inflation Data
USD/JPY Price Forecast: Drops below 147.00 As Downtrend Resumes
