AUD/JPY: Bouncing off last week’s lows, faces resistance at 95.00

The AUD/JPY rose to a two-day high of 94.90, but remains in a consolidation phase, maintaining a mild bullish bias above the Ichimoku cloud.

Recent resistance is at the 95.00 level, and AUD/JPY could challenge the 96.00 level if it breaks through the 95.00 level.

Support levels to watch include the top of the Ichimoku cloud at 94.31 and the psychological level at 94.00.

AUD/JPY continues to consolidate, failing to break below/above the 93.00/96.40 range, although the bias is slightly bullish as it remains above the Ichimoku cloud. Therefore, the first resistance level will be the 95.00 level. Above this level, the psychological threshold of 96.00 will be encountered, followed by the top of the aforementioned resistance at 96.40 and the year-to-date (YTD) high of 97.67.

On the other hand, the first support for AUD/JPY will be the top of the Ichimoku cloud at 94.31, followed by 94.00. A break would see the AUD/JPY fall towards the daily low of 93.01 set on October 3rd.

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