AUD/JPY Price Analysis: Battles at 96.00 after reaching a three-week high

• AUD/JPY stalls ahead of breaching the 96.00 level after rallying to a new three-week high at 95.86.
• If the resistance at 96.00 is breached, AUD/JPY could target the year-to-date (YTD) high of 97.67.
• A retreat below the July 10 high at 95.47 could see AUD/JPY accelerate its fall towards the Kijun-Sen line at 95.03, potentially dipping below the 95.00 mark.

AUD/JPY rallies to a new three-week high at 95.86, yet stalls ahead of breaching the 96.00 figure, at around 95.86, following an upside break of the Kijun-Sen line. Hence, the AUD/JPY has resumed its uptrend and trades at 95.66, almost flat as the Asian session begins.

AUD/JPY Price Analysis: Technical outlook

The AUD/JPY uptrend remains intact but faces strong resistance at around 96.00. Traders are bracing for the US Federal Reserve (fed) monetary policy later at around 18:00 GMT and also for the Australian inflation figures, which could trigger a reaction in the pair,

If the AUD/JPY breaks the first resistance at 96.00, the next ceiling level would be the July 5 high at 96.83 before hitting 97.00. Once that level is cleared, the AUD/JPY would be poised to test the year-to-date (YTD) high of 97.67.

Conversely, if AUD/JPY retreats below the July 10 high turned support at 95.47, the pair would accelerate its fall toward the Kijun-Sen line at 95.03 before dipping below the 95.00 figure. Next support emerges at the Tenkan- Sen line at 94.82 as the key support level.

AUD/JPY Price Action – Daily chart