AUD/JPY losses some steam after hitting a daily high of 94.91 and aims lower by 0.34% on a risk-off impulse. The AUD/JPY pair faced the Tenkan-Sen line but failed to gain traction past the 95.00 mark, exacerbating a fall to the current exchange rate. At the time of writing, the AUD/JPY Is trading at 94.52.
From a medium-term bias, the AUD/JPY is neutral to upward biased, but more technical indicators suggest the pair would shift neutral. The cross of the Tenkan-Sen below the Kijun-Sen, and price action moving beneath both, are the first two bearish signals. Those, along with the cross of the Chikou Span, below the June 13 daily candle, opened the door for the AUD/JPY to consolidate within the June 13 daily high and low of 93.97/95.05, eyeing a fresh catalyst to break the top/bottom of the range.
The AUD/JPY must claim the Tenkan-Sen line at 94.77 for a bullish resumption. A breach of the latter will expose the 95.00 figure, followed by the Kijun-Sen line at 95.11, which, once cleated, could pave the way for further upside past the October 21 daily high of 95.74.
Conversely, for a bearish continuation, the AUD/JPY first support would be the current week low of 94.01, followed by the July 12 swing low of 93.23. Once both support levels give way, the 93.00 psychological level would be up next
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