Anna 
During the early European trading hours on Wednesday, the AUD/JPY cross gathered momentum below the psychological barrier of 99.00. The Japanese Yen (JPY) experienced a decline to a multi-month low following the Bank of Japan’s (BoJ) dovish hike on Tuesday, providing tailwinds for the cross. At present, the cross is trading at 98.95, marking a 0.43% increase for the day.
From a technical standpoint, the bullish sentiment for AUD/JPY remains intact, with the cross positioned above the crucial 100-period Exponential Moving Averages (EMAs) on the four-hour chart. The Relative Strength Index (RSI) remains in bullish territory above the 50 midline. However, the RSI’s overbought condition suggests the possibility of further consolidation before any near-term appreciation in AUD/JPY.
The initial upside barrier for the cross is expected at the 99.00–99.05 zone, representing the high recorded on February 23 along with the psychological round figure. The key hurdle lies at the significant round mark of 100.00. Beyond this level, the next upward target is situated near the weekly low of May 10, 2013, at 100.40.
Conversely, the high reached on March 17 at 98.10 serves as an initial support level for AUD/JPY. The subsequent level to monitor is the 100-period EMA at 97.85. Further selling pressure below this level could resume the downside momentum, pushing the cross towards the low of March 18 at 97.65, followed by the lower boundary of the Bollinger Band at 97.24.
