AUD/JPY is set to extend its gains but faces solid resistance at around 95.80.
A bullish resumption would happen with buyers reclaiming the Senkou Span A at 95.87.
A drop below the Kumo, expect further downside towards December’s low of 93.71.
The AUD/JPY gained over 0.30% in the day and trades at around 95.40 once it bounced off the daily lows of 94.72. The cross-pair finished the week with minuscule gains of 0.15%.
The pair staged a recovery to finish in the green despite breaching below the Ichimoku Cloud (Kumo) during the week. In addition, the AUD/JPY got inside the Kumo and formed a ‘bullish harami’ two-candlestick pattern, which would pave the way for further upside. If buyers reclaim the Senkou Span A at 95.87, that could pave the way for further gains, exposing the confluence of the Senkou Span B and the Kijun Sen at 96.14. Once cleared, the next resistance would be 97.00.
On the other hand, if the pair slips below the Kumo, the first support would be the December 14 daily low of 94.58, followed by the December 7 swing low of 93.71
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