- AUD/JPY immediate support is 93.52, the June 7 daily high.
- If AUD buyers reclaim 94.00, that could ignite a rally toward 94.61.
- Downside risks are seen once the AUD/JPY breaks 93.00 and then 92.77.
The AUD/JPY trims some of Tuesday’s losses as the Asian session begins, though it remains below the 94.00 figure for the first second consecutive day. At the time of writing, the AUD/JPY exchanges hands at 93.83, barely unchanged.
AUD/JPY Price Analysis: Technical outlook
Although the cross-currency pairs have trended lower for the last five day, as long as it stays above the Ichimoku Cloud, the AUD/JPY is upward biased. Still, price action breaching technical levels like the Tenkan Sen and Kijun Sen lines suggests buyers are losing momentum.
The AUD/JPY immediate support would be the June 7 daily high at 93.52, respected by price action on Tuesday. A drop below that level could extend the AUD/JPY losses toward the June 7 daily low of 92.77, but firstly, the 93.00 mark should be broken on its way down.
Conversely, if AUD/JPY reclaims the 94.00 figure, that can exacerbate a recovery toward the July 11 daily high of 94.61. Once the pair surpasses that supply zone, the 95.00 figure would be up for grabs, followed by immediate resistance at the Tenkan Sen Line at 95.15, seven pips below the Kijun Sen.
AUD/JPY Price Action – Daily chart
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July 12, 2023 at 05:29AM
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AUD/JPY Price Analysis: Plunges below 94.00, though buyers moved in around 93.50 - FXStreet
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