AUD/JPY Price Analysis: Technical outlook
The threats of an intervention in the Forex markets to boost the Japanese Yen (JPY) by Japanese authorities, keeps traders at bay, uncommitted to open fresh long bets that could send the AUD/JPY toward the -year-to-date (YTD) high if 100.17. The Relative Strength Index (RSI) depicts that buyers are in charge.
That said, the AUD/JPY first resistance level would be the Tenkan-Sen at 99.17, followed by the YTD high. A breach of the latter will expose the psychological 100.50 mark, followed by the 101.00 mark.
On the flip side, if sellers move in and push prices below the Kijun-Sen of 98.53, that can pave the way to test 98.00. Once surpassed, the next stop would be the 50-day moving average (DMA) at 97.87, ahead of testing the Ichimoku Cloud (Kumo) top at 97.80
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