AUD/JPY: Minor Gains, Bulls Target 97.00

AUD/JPY’s gains slowed on Wednesday, rising 0.46%, but fell back at the open on Thursday, below yesterday’s closing price of 96.42. However, buyers broke above the baseline and stepped in near the bottom of the Ichimoku Cloud, which opened the door for further gains. At press time, AUD/JPY was trading at 96.35, down 0.07%.

To resume bullishness, buyers would have to break above the January 2 high of 96.71 and then 97.00. Once these two levels are exceeded, the next level of resistance will be the June 19 high of 97.67. The next level of resistance is the psychological 98.00 level.

On the other hand, if the uptrend in AUD/JPY encounters resistance above 96.71, bears may step in and push AUD/JPY closer to the leading band B, 96.14, and then the baseline at 95.90. Once below this level, the next area of demand to test would be the December 14 low of 94.58.

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