- AUDJPY will end the week with gains of 0.40%.
- AUDJPY Price Analysis: Once it breaks above 95.56, it could retest all-time highs around 98.50.
AUDJPY rises, snapping three consecutive days of losses amid upbeat market sentiment as Wall Street trimmed losses, while the US dollar fell nearly 2%. At the time of writing, the AUDJPY is trading at 94.96, up 1.89% from its opening price.
AUDJPY Price Analysis: Technical Outlook
The AUDJPY has a neutral-upward bias and in its recovery from weekly lows around 92.96, it broke above the 50 and 100 day EMAs at 94.59 and 94.21 respectively. It is worth noting that AUDJPY needs to break above the weekly high around 95.56, to pose a threat to year-to-date highs around 98.50.
On the other hand, AUDJPY would remain range bound, trapped in the 94.21-95.56 zone.
In the short term, the AUDJPY has a neutral-upward bias, hovering around the R3 daily pivot level, which, once breached, could send the cross towards the R4 pivot point at 95.42. However, the RSI in overbought territory could open the door for a pullback before resuming the uptrend.
Otherwise, if the AUDJPY struggles around 94.96, the first support would be the R2 pivot point at 94.52. A break below will expose crucial demand zones such as the 100 EMA at 94.28, followed by the psychological figure at 94.00.
AUDJPY Key Technical Levels
Source: Fx Street
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