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18 Jan 2024

AUD/JPY Price Analysis: Climbs above 97.00 on risk appetite improvement, buyers eye 98.00

  • AUD/JPY climbs to 97.27, fueled by positive risk appetite, despite Australia's weak jobs report.
  • Bullish technical outlook as pair surpasses Ichimoku Cloud, aiming for 97.79 resistance.
  • Downside risks for AUD/JPY below 97.00, with supports at 96.64, 96.58, and critical 96.00 level.

The Aussie Dollar (AUD) extended its gains against the Japanese Yen (JPY) for the second straight day as risk appetite improved, although soft jobs data from Australia might deter the Reserve Bank of Australia (RBA) from tightening monetary policy. At the time of writing, the AUD/JPY trades at 97.27, up 0.25%, on the day.

Therefore, from a technical standpoint, the AUD/JPY is upward biased once it has broken above the Ichimoku Cloud (Kumo), which has cleared the path to challenge the next cycle high seen at 97.79, the January 11 high. Once cleared, buyers could test the 98.00 figure, ahead of the November 24 high at 98.54.

On the other hand, if bears drag prices below the 97.00 figure, that could open the door for further losses. The first support would be the January 17 low of 96.64, followed by the January 16 low of 96.58. The next support would be the 96.00 figure.

AUD/JPY Price Action – Daily Chart

AUD/JPY Key Technical Levels

 

Jan 18, 2024

Forex Today: Strong data, rate cut bets bolstered the Dollar (again)

Another positive set of results in US key indicators lent oxygen to the upside bias in the greenback and underpinned the tighter-for-longer narrative around the Fed.
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Jan 18, 2024

GBP/JPY edges into another daily high above 188.00 on Thursday

GBP/JPY tipped into a fresh daily high above 188.00 on the pair’s march toward all-time highs above 189.00 with the Pound Sterling (GBP) climbing on market confidence that the Bank of England (BoE) is on pace to begin cutting interest rates by August, while the Bank of Japan (BoJ) remains planted in a firmly dovish monetary policy stance for the foreseeable future, driving the Japanese Yen (JPY) into the floorboards.
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