• AUD/JPY registers losses, hitting a two-week low of 103.89 before stabilizing at 104.00.
• Technical outlook shows upward bias, but recent 'evening star' pattern indicates potential for further downside.
• Key levels to watch: Resistance at 104.50 and 104.94 YTD high; support at 103.27 (Senkou Span A) and 102.42 (Kijun-Sen).

The Australian Dollar registered modest losses of around 0.17% against the Japanese Yen on Thursday and slipped below 104.00 to hit a two-week low of 103.89. As Friday’s Asian session begins, the AUD/JPY trades at 104.00, virtually flat.

AUD/JPY Price Analysis: Technical outlook

The pair is upward biased as shown by the daily chart, yet it remains shy of cracking the current year-to-date (YTD) high of 104.94. Three days ago, the AUD/JPY climbed sharply toward 104.84, but buyers were unable to continue to push prices higher, finishing the session in the red.

That formed a two-candle chart pattern called an ‘evening star’, pushing the exchange rate lower on Thursday, but buyers ultimately regained control.

From a momentum standpoint, the Relative Strength Index (RSI) shows that bulls are in charge.

That said, the AUD/JPY's next resistance level would be 104.50, followed by the YTD high at 104.94. Conversely, if the cross extends its losses past Thursday’s low of 103.89, that could exacerbate the pair’s downfall toward the Senkou Span A support level at 103.27 before challenging the Kijun-Sen at 102.42