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• AUD/JPY rises to a two-day high of 94.90, though it remains in a consolidation phase, with a mild bullish bias above the Ichimoku Cloud.
• Immediate resistance set at the 95.00 level; surpassing this could challenge the 96.00 mark.
• Support levels to watch include the top of the Kumo at 94.31 and the psychological 94.00 mark.

AUD/JPY bounced off last week’s lows, confluence with the bottom of the Ichimoku Cloud (Kumo) at around 94.00, and rose to a two-day high of 94.90 on Monday amidst a risk-on impulse. As Tuesday’s Asian session begins, the pair exchanges hands at 94.78, dips a minimal 0.03%.

The AUD/JPY pair remains in consolidation, unable to break below/above the 93.00/96.40 range, though as price action remains above the Kumo, the bias is mildly bullish. Therefore, the first resistance would be the 95.00 figure. A breach of the latter would expose the psychological 96.00 mark, followed by the top of the aforementioned resistance level at 96.40 and the year-to-date (YTD) high of 97.67.

On the flip side, the AUD/JPY first support would be the top of the Kumo at 94.31, followed by the 94.00 figure. Once cleared, the cross would die towards the October 3 daily low of 93.01.

AUD/JPY Price Action – Daily chart

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AUD/JPY Key Technical Levels

AUD/JPY

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