AUD/JPY Price Analysis: Struggles to crack the Tenkan-Sen line, eyes on YTD high
- AUD/JPY trades near the Tenkan-Sen line, seeking a daily close above it.
- Key resistance at 96.84, breaking above it may renew the bullish trajectory.
- Strong support lies at the 96.00 figure, with subsequent levels at 95.65 and 95.21.
AUD/JPY advanced steadily during Tuesday’s session, printed solid gains of 0.59%, though it failed to achieve a daily close above the Tenkan-Sen line, seen as solid resistance above the spot price. As the Asian session begins, the AUD/JPY is trading at 96.27, down 0.04% but remains hovering around 96.46 where the Tenkan-Sen line lies.
AUD/JPY Price Analysis: Technical outlook
From a daily chart perspective, the AUD/JPY is upward biased, but it would need to crack the June 24 daily high at 96.84 to resume its bullish trajectory, aimed to break the prior’s year-to-date (YTD) high of 97.67, as the cross-currency pair edges to 98.00. But firstly, the AUD/JPY needs to pierce above the Tenkan-Sen line at 96.46 and the 97.00 figure.
Conversely, the AUD/JPY first support would be the 96.00 figure. A breach of the latter will expose the June 27 low of 95.65, followed by the Senkou Span A line at 95.21, before the AUD/JPY pair tumbles towards the 95.00 mark.
AUD/JPY Price Action – Daily chart
