Sees modest gains as buyers target 97.00

• AUD/JPY edges down to 96.35 after a 0.46% gain, with bullish-harami pattern suggesting potential upside momentum.
• Buyers aim for the January 2 high of 96.71 and the 97.00 mark, with subsequent resistance levels at 97.67 and 98.00.
• If the upside is capped, sellers might target Senkou Span B at 96.14 and Kijun Sen at 95.90, with 94.58 as further support.

The AUD/JPY registered moderated gains on Wednesday of 0.46%, though it begins Thursday’s session on a lower note, trading below yesterday’s close of 96.42. Nevertheless, buyers reclaiming the Kijun-Sen and stepping in around the bottom of the Ichimoku Cloud (Kumo) has opened the door for further gains. At the time of writing, the cross-pair exchanges hands at 96.35, down 0.07%.

The daily chart portrays the pair range-bound, though the formation of a ‘bullish-harami’ candlestick pattern could pave the way for further upside. For a bullish resumption, buyers must conquer the January 2 high of 96.71, followed by the 97.00 figure. Once those two levels are cleared, the next resistance level would be the June 19 high at 97.67. Up next would be the 98.00 psychological level.

On the other hand, if sellers capped the AUD/JPY advance above 96.71, sellers could step in and drag prices toward th Senkou Span B at 96.14, followed by the Kijun Sen at 95.90. Once that is achieved, the next demand area to test would e the December 14 low of 94.58.

AUD/JPY Price Action – Daily Chart

AUD/JPY Technical Levels