AUD/JPY Price Analysis:  Extend bullish momentum, with traders eyeing 97.00

• AUD/JPY maintains an upward bias, breaking resistance levels and distancing from the Ichimoku cloud.
• Failure to surpass June 23 daily high may limit the immediate upside, while the next resistance lies at 97.00 and YTD high at 97.67.
• Potential downside targets include 95.74, 94.98, and 93.96 support levels if the Tenkan-Sen line is breached.

AUD/JPY began the year's second half on a bullish tone, extending its gains to three straight days, breaking the technical resistance levels and distancing from the Ichimoku cloud, a sign that the uptrend remains intact. As the Asian session begins, the AUD/JPY trades at 96.49, gaining 0.01%.

AUD/JPY Price Analysis: Technical outlook

The AUD/JPY daily chart portrays the pair as upward biased, surpassing the Tenkan-Sen line at 95.99, exacerbating a rally to the psychological 96.50 area. However, AUD buyers failed to challenge the June 23 daily high at 96.84, which, if cleared, would send the rally to test the next resistance level at 97.00 before challenging the year-to-date (YTD) high of 97.67.

Conversely, if AUD/JPY drops below the Tenkan-Sen, that could open the door for further losses, with first support seen at the October 21 daily high of 95.74. Once that level is broken, the Senkou Span A line will emerge at 94.98, just below the 95.00 figure, followed by the Kijun Sen line at 93.96.

AUD/JPY Price Action – Daily chart