Ella 
AUD/JPY closed last week up nearly 1.20%, but there is still a chance it could move back inside the Ichimoku Cloud (Kumo), which could pave the way for a pullback. At press time, AUD/JPY was trading at 97.20, up slightly by 0.24% after hitting a daily low of 96.83.
AUD/JPY rebounds above the Kumo, opening the door for further upside, with buyers tending to take over, with first support at 97.07. If buyers hope to push prices higher, they will need to recapture the December high of 97.59, a break of which could pave the way towards 98.00. Once broken, the next target would be last year’s high of 98.58.
If bearishness resumes, AUD/JPY sellers will have to drag prices below 97.00, the first level of support at the November 21 low of 96.83. Upon a break below this level, the next support transition line would be 96.71, followed by the January 4 swing low of 96.18. If bulls are unable to interrupt the decline, AUD/JPY is likely to consolidate last week’s gains and fall further below the baseline at 95.90.
