AUD/JPY Price Analysis: Struggles at Kijun-Sen aiming for 97.00
- AUD/JPY records a slight decline of 0.08% in the Asian trading session, currently positioned at 96.68, following a peak at 96.85.
- Technically, AUD/JPY maintains a neutral stance, though surpassing 96.81 could lead the pair towards 97.00.
- Conversely, inability to break above the Tenkan-Sen might trigger selling pressure, with initial support at Monday’s low of 96.18.
AUD/JPY began the Asian session with minuscule losses of 0.08%, as Wall Street’s turned negative towards the end of Monday’s trading session, ahead of the release of the US CPI data. The pair is trading at 96.68 after hitting a weekly high of 96.85.
From a technical standpoint, the AUD/JPY is neutral biased, facing resistance at the Tenkan-Sen level at 96.81. A breach of that area can open the door to test 97.00, followed by the 2023 high of 97.63m before reaching the 98.00 mark.
On the other hand, failure to conquer the Tenkan-Sen could expose the pair to some selling pressure, with bears targeting Monday’s low of 96.18. Up next would be the psychological 96.00 figure, followed by the Kijun-Sen at 95.83, and the top of the Ichimoku Cloud (Kumo) at 95.00.