AUD/JPY PRICE FORECAST: CONSOLIDATES ABOVE 100.00 AFTER TURNING BULLISH
- AUD/JPY remains neutral but holds above 100.00, supported by risk-on sentiment and weakness in the Yen against the US Dollar.
- If the pair clears 101.40, it could target further upside toward 102.00 and 102.50, with potential resistance at 103.00.
- A drop below 100.00 would bring support at the top of the Ichimoku Cloud around 99.70/80, with additional support at 98.77.
The AUD/JPY consolidates at around 100.30 yet posts minuscule gains of over 0.06% at the time of writing. A risk-on impulse keeps the Australian Dollar from posting losses against the Japanese Yen, which loses some ground against the US Dollar.
AUD/JPY Price Forecast: Technical outlook
The AUD/JPY is neutral biased, though it has broken the 100.00 barrier. This opened the door for the cross-pair to trade within the 100.00-101.40 range, with further upside eyed.
Now that buyers have lifted the exchange rate above the Ichimoku Cloud (Kumo), the pair could test the year-to-date (YTD) peak at 109.37.
The momentum remains bullish and slightly consolidated, as shown by the Relative Strength Index (RSI).
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