AUD/JPY Price Analysis: Back-to-back bullish harami to exacerbate a test of 95.00

• AUD/JPY gains 0.81% on Monday, trading at 93.77, within the Ichimoku Cloud.
• A breach above these levels could target the July 18 high of 94.78 and the pivotal 95.00 mark.
• On the downside, support is seen at 93.50, with further declines potentially targeting last week’s low of 92.79.

The AUD/JPY hovers at around 93.77, following Monday’s session that depicted the cross-currency pair registered gains of 0.81%, lifting the exchange rate inside the Ichimokuy Cloud (Kumo). Despite that, the AUD/JPY must reclaim the 94.93 mark so the pair could shift bullish.

AUD/JPY Price Analysis: Technical outlook

From a technical perspective, the AUD/JPY remains neutral to downward biased unless the pair clears technical resistance levels like the Kijun and Tenkan-Sen lines, each at 93.86 93.82. Once those levels are cleared, the next stop would be the July 18 high at 94.78 before breaching the top of the Kumo at around the 95.00 figure.

Conversely, if AUD/JPY achieves a daily close below the Kumo, first support would emerge at 93.50. Once cleared, sellers could step in and drive the AUD/JPY exchange rate towards the last week’s low of 92.79 before extending the AUD/JPY’s fall to the July 28 daily low of 91.79.

AUD/JPY Price Action – Daily chart