- AUD/JPY nears 100.00 after strong Australian job data.
- Above Ichimoku Cloud, moving averages hint bullish trend.
- Resistance at 100.17, 101.00, with 102.84, 2014’s swing high as next target.
- Correction might pull to 99.05 and retreat deeper to 98.53, but bullish sentiment prevails.
The AUD/JPY is virtually unchanged on Thursday in late trading during the North American session. At the time of writing, the pair is 99.62 shy of the 100.00 figure after hitting a ten-year high of 100.17 on positive Aussie jobs data.
AUD/JPY Price Analysis: Technical outlook.
The AUD/JPY daily chart suggests an upward bias, although today’s price action indicates a stalemate between buyers and sellers. The pair has surged past the Ichimoku Cloud (Kumo), signaling a robust uptrend, supported by the price trading above both the Tenkan and Kijun-Sen levels.
The Senkou Span A’s upward slope suggests further upside potential. Key resistance lies at the 100.00 level, with targets at 100.17 and the psychological barrier of 101.00. Beyond that, the 2014 high at 102.84 becomes the next focal point.
However, given the market’s overextension, there’s a growing potential for a mean reversion move. While a pullback to the February 23 swing high at 99.05 is plausible, such a retreat could be viewed as an opportunity by bulls to enter the market, anticipating a continuation of the rally. Nonetheless, a deeper pullback below this level could expose the Tenkan and Kijun-sen levels at 98.53.
AUD/JPY Price Action – Daily Chart
AUD/JPY
