The AUD/JPY pair has been on an upward trend, showing a 0.30% increase and indicating bullish momentum for a potential rise beyond 102.35. The market sentiment remains positive, which has been affecting the Japanese Yen’s safe-haven appeal, making it weaker compared to other currencies in the Forex market.
Technical analysis of the AUD/JPY pair shows that it has reached a year-to-date high at 104.95, but has since retreated to around 100.00 after an intervention by the Bank of Japan. Despite this, the pair has continued to make gains, facing resistance at the Tenkan-Sen at 102.42.
Buyers are currently favored in terms of momentum, with the Relative Strength Index (RSI) in bullish territory and showing an upward trend with room for growth before reaching overbought conditions. If buyers manage to break through the Tenkan-Sen, the next levels of resistance would be at 103.00, 103.47, and further up to 104.00, eventually reaching the year-to-date high.
However, if buyers fail to break through the Tenkan-Sen, it could open up opportunities for sellers to enter the market and push prices lower. Initial support levels can be found at 102.00 and the Kijun-Sen at 101.36, with further support at the May 3 low of 100.45 and eventually at the 100.00 mark.
Overall, the AUD/JPY pair is showing signs of continued bullish momentum, with key resistance levels to watch at the Tenkan-Sen and potential support levels at the Kijun-Sen. The market sentiment remains positive, which could further support the pair’s upward movement in the near future.
