The AUDJPY pair is currently trading at 94.93, slightly lower than the quoted price of 94.9600. The positive market sentiment and China’s PBoC rate cut are supporting the currency pair, but it is facing difficulty in surpassing the 95.00 level.

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• AUD/JPY trades at 94.93, buoyed by positive market sentiment and China’s PBoC rate cut but struggles to breach the 95.00 mark.

The pair currently trades last at 94.9600.

The previous day high was 94.83 while the previous day low was 94.18. The daily 38.2% Fib levels comes at 94.58, expected to provide support. Similarly, the daily 61.8% fib level is at 94.43, expected to provide support.

The AUD/JPY continues to push upwards, extending its rally to four consecutive days, as market sentiment improved, given speculation the United States (US) would achieve a soft landing. That, alongside China’s stimulus to its economy, as the PBoC cut rates 25 bps, would keep the Australian Dollar (AUD) underpinned, to the detriment of the safe-haven Japanese Yen (JPY). The cross-currency pair is exchanging hands at 94.93 early in Friday’s Asian session.

The daily chart suggests the pair halted its pullback from year-to-date (YTD) highs reached on June 19, with the pair retracing close to 500 pips, toward July’s low of 91.78, before climbing to current exchange rates. Nevertheless, the uptrend appears to have lost some steam, as it has remained trading sideways, unable to crack the 95.00 figure for the last month and a half.

To resume its uptrend, AUD/JPY buyers must reclaim 95.00, and once done, the path towards the YTD high would be more straightforward. Next, resistance levels would emerge at the July 25 swing high of 95.85, the psychological 96.00 mark, followed by the July 5 swing high at 96.83.

Conversely, if sellers stepped in and dragged prices towards the September 14 swing low of 94.50, that could pave the way to test the Ichimoku Cloud (Kumo). The following support would be the Tenkan-Sen line at 94.30, which once surpasses, the pair could break without entering the Kumo and dive towards the Kijun-Sen sitting beneath the latter at 93.92.

Technical Levels: Supports and Resistances

AUDJPY currently trading at 94.95 at the time of writing. Pair opened at 94.69 and is trading with a change of 0.27 % .

The pair remains strongly bullish on the daily timeframe. It trades above its 20 SMA @ 94.12, 50 SMA 94.3, 100 SMA @ 93.7 and 200 SMA @ 92.0.

The previous day high was 94.83 while the previous day low was 94.18. The daily 38.2% Fib levels comes at 94.58, expected to provide support. Similarly, the daily 61.8% fib level is at 94.43, expected to provide support.

Note the levels of interest below:

• Pivot support is noted at 94.31, 93.92, 93.66
• Pivot resistance is noted at 94.96, 95.22, 95.6

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