AUD/JPY Price Analysis: Reaches a new multi-year high around 91.90s
- The AUD/JPY has printed five-year-highs in the last seven trading days.
- Market sentiment shifts have not been an excuse for the AUD/JPY to keep trading higher.
- AUD/JPY Price Forecast: The bias is upwards as bulls prepare an assault towards 92.00.
AUD/JPY rally extends to nine-straight days, despite days of risk-off market mood with Thursday’s not being the case, as US stocks finished in the green, while Asian equity futures fluctuate, painting a mixed sentiment. At the time of writing, the AUD/JPY is trading at 91.95.
The AUD/JPY has been reaching new year-to-date (YTD) highs in the last seven trading days, breaking on its way north, some critical resistance levels, like Pitchfork’s channel central line around 89.50 and the psychological 90.00 mark.
However, as the Relative Strength Index (RSI) reaches readings above 86,90 and the AUD/JPY is about to pierce the mid-line between the central-top trendlines of Pitchfork’s channel around the 92.00-15 area, the AUD/JPY might be subject to a correction. Nevertheless, the path of least resistance is upwards.
AUD/JPY Price Forecast: Technical outlook
That said, the AUD/JPY first resistance would be the mid-line between the central-top trendlines of Pitchfork’s channel around 92.00-15. Breach of the latter would expose 93.00, followed by the 78.6% Fibonacci retracement at 93.39.
On the flip side, In the event of a pull-back, the AUD/JPY first support would be 91.00. Once cleared, the next support would be the 90.00 mark, followed by Pitchfork’s channel central line around 89.50, and then the 89.00 figure.
