AUD/JPY Price Analysis: Climbs as buyers regain control, target 100.00
22.04.2024, 19:07

AUD/JPY Price Analysis: Climbs as buyers regain control, target 100.00

  • AUD/JPY climbs sharply, approaching the key psychological level of 100.00, buoyed by renewed optimism in global markets.
  • Technical analysis highlights potential resistance at the year-to-date high of 100.81, with further targets at 101.00.
  • Key support levels identified at 99.65 and 99.20, with potential downside risk to the March 28 low at 98.17.

The AUD/JPY rallies sharply amid a risk-on impulse as Wall Street resumes its rally amid a light economic docket. At the time of writing, the cross-pair trades at 99.87 clocks gains of more than 0.60%.

AUD/JPY Price Analysis: Technical outlook

The AUD/JPY witnessed the formation of a ‘hammer’ on Friday in the daily chart, suggesting that further upside is seen. However, the pair plunged sharply toward a one-month low of 97.78 last Friday on geopolitical risks. As tensions abated, the Aussie Dollar (AUD) gained traction against the Japanese Yen (JPY).

If AUD/JPY continues its rally towards 100.00, it could potentially test the current year-to-date (YTD) high at 100.81. Once this level is cleared, the next significant resistance would be at 101.00, providing clear targets for traders to considers.

On the other hand, the AUD/JPY first support would be the 61.8% Fibo retracement at 99.65. Once cleared, the pair could drop toward the Tenkan-Sen and the Senkou Span A confluence at 99.20, followed by the 99.00 mark. Once surpassed, the next stop would be the March 28 swing low of 98.17.

AUD/JPY Price Action – Daily Chart

AUD/JPY

Overview
Today last price 99.87
Today Daily Change 0.65
Today Daily Change % 0.66
Today daily open 99.22
 
Trends
Daily SMA20 99.32
Daily SMA50 98.58
Daily SMA100 97.63
Daily SMA200 96.45
 
Levels
Previous Daily High 99.41
Previous Daily Low 97.78
Previous Weekly High 100.02
Previous Weekly Low 97.78
Previous Monthly High 100.17
Previous Monthly Low 96.9
Daily Fibonacci 38.2% 98.4
Daily Fibonacci 61.8% 98.78
Daily Pivot Point S1 98.2
Daily Pivot Point S2 97.18
Daily Pivot Point S3 96.57
Daily Pivot Point R1 99.83
Daily Pivot Point R2 100.43
Daily Pivot Point R3 101.46

 

 

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