AUD/JPY Price Analysis: Bulls regain momentum, eyeing 102.00

• AUD/JPY up 0.87%, nearing 102.00 due to optimistic global financial outlook.
• Technicals: Upward momentum with RSI above 50 indicates bullish control.
• Resistances at 102.42 (Tenkan-Sen), 102.84 (2014 high), and 103.47 (April 26 high).

The AUD/JPY climbed 0.87% on Monday amid an upbeat market mood, sponsored by increased odds the US Federal Reserve might cut rates sooner than expected. The cross-pair trades at 101.94, shy of the 102.00 figure, as the Asian session begins.

AUD/JPY Price Analysis: Technical outlook

The AUD/JPY is neutral to upward biased, with momentum suggesting that buyers are in charge, with the Relative Strength Index (RSI) indicator standing above the 50-midline. If AUD/JPY buyers would like to extend their gains, they must reclaim 102.00. Once cleared, the next supply zone would be the Tenkan-Sen at 102.42. Once cleared, further gains lie, up at the 2014 yearly high of 102.84, ahead of the April 26 high of 103.47.

On the other hand, if bears drag prices below the Kijun-Sen at 101.36, that will pave the way for testing the Senkou Span B at 100.92. Further losses are seen at the May 1 low of 99.89.

AUD/JPY Price Action – Daily Chart