#AUDJPY @ 91.1410 rallies for three straight days, though tests solid resistance at around 91.00. (Pivot Orderbook analysis)

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• AUD/JPY rallies for three straight days, though tests solid resistance at around 91.00.
• Three daily closes above the 200-day EMA would cement the AUD/JPY uptrend.
• Downside risks remain if AUD/JPY drops below 91.00, which could exacerbate a fall toward 90.00.

The pair currently trades last at 91.1410.

The previous day high was 90.22 while the previous day low was 88.44. The daily 38.2% Fib levels comes at 89.54, expected to provide support. Similarly, the daily 61.8% fib level is at 89.12, expected to provide support.

The AUD/JPY climbed above the 91.00 figure following the Bank of Japan’s (BoJ) decision last Friday to hold rates unchanged while maintaining its Yield Curve Control (YCC). Therefore, the AUD/JPY has gained since then 3.04%. As the Asian session begins, the AUD/JPY is trading at 91.14.

After clearing the latest cycle high achieved on April 20 at 90.78, the AUD/JPY extended its gains, breaking a downslope resistance trendline drawn from September 2022 highs of around 98.60. in addition, the 200-day Exponential Moving Average (EMA) at 90.75 was cleared, suggesting that the bearish bias is negated in the near term. To cement the bullish bias, the AUD/JPY must achieve three daily closes above the 200-day EMA. Once done, that could pave the way for further upside.

If AUD/JPY breaks above the January 9 daily high at 91.82, the 92.00 figure is up for grabs as buyers prepare to challenge the YTD high at 92.99.

However, if AUD/JPY tumbles below 91.00, a reversal toward the 200-day EMA at 90.75 is on the cards. If the May 1 low at 90.01 is compromised, a bearish engulfing candle pattern could form and, alongside the 200-day EMA, it could trigger a trend reversal that can challenge the YTD lows.

The next support would be the 50-day EMA at 89.71, immediately followed by the 20-day EMA at 89.64.

Technical Levels: Supports and Resistances

AUDJPY currently trading at 91.16 at the time of writing. Pair opened at 90.18 and is trading with a change of 1.09 % .

The pair is trading above its 20 Daily moving average @ 89.3, above its 50 Daily moving average @ 89.64 , above its 100 Daily moving average @ 90.25 and below its 200 Daily moving average @ 92.2

The previous day high was 90.22 while the previous day low was 88.44. The daily 38.2% Fib levels comes at 89.54, expected to provide support. Similarly, the daily 61.8% fib level is at 89.12, expected to provide support.

Note the levels of interest below:

• Pivot support is noted at 89.0, 87.83, 87.23
• Pivot resistance is noted at 90.78, 91.39, 92.56

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