Ella 
In the Asian market on Friday, the Australian dollar/yen crossed for the sixth consecutive day, extending its gains. AUD/JPY is trading around 95.31, up 0.36% on the day. Stronger-than-expected Chinese data boosted AUD/JPY.
On Friday, China’s total retail sales of consumer goods in August recorded an annual rate of 4.6%, compared with the previous value of 2.5%, which was stronger than expected. At the same time, the annual rate of industrial production above designated size increased to 4.5% from the previous value of 3.7% in August, which was stronger than the expected value of 3.9%. The Australian dollar (AUD), the currency that represents China, attracted some buying following the release of Chinese economic data and became a “tailwind” for AUD/JPY.
The daily chart shows that AUD/JPY faces minimal upside resistance as the cross holds above the 50-day and 100-day exponential moving averages (EMA). Meanwhile, the relative strength index (RSI) remains above 50, in bullish territory, supporting buyers for now.
On the upside, near-term resistance for AUD/JPY lies at 95.78 (July 21 high). Any follow-through buying after AUD/JPY breaks through the resistance level will push AUD/JPY to rebound to the July 4 high of 96.85. The next upside resistance is the year-to-date (YTD) high at 97.62, then 98.00 (psychological round number level), and finally 98.43 (September 12, 2022 high).
Elsewhere, AUD/JPY will encounter initial support near the 50-day exponential moving average at 94.23. The next support is at 93.67, the 100-day exponential moving average. A break below this level would see AUD/JPY fall to the 93.00-93.10 area (August 4 low and round figure mark).
