AUD/JPY Price Analysis: A tweezers bottom emerges as bulls meander around 92.00
- The AUD/JPY cleared the 50/200/100-day Exponential Moving Averages (EMAs) on its way to 92.20s.
- AUD/JPY: A tweezers bottom candle chart pattern to pave the way for further upside.
The Australian Dollar (AUD) recovered some of its lost ground against the Japanese Yen (JPY) and rises, aligned with risk-perceived assets, bolstered by the US Federal Reserve (Fed) decision to raise rates by a quarter of a percentage, to 4.50% - 4.75% range, with the market’s perception of a dovish Fed. At the time of writing, the AUD/JPY exchanges hands at 91.99 after hitting a daily low of 91.21, above its opening price by 0.31%.
AUD/JPY Price Analysis: Technical outlook
After the Fed’s decision, the AUD/JPY pair rebounded off the day’s low at 91.21, as market sentiment remained sour ahead of the Fed’s meeting. Once the headlines crossed newswires and Powell’s presser began, the AUD/JPY edged up, clearing on its way north the 50, 200, and 100-day Exponential Moving Averages (EMAs), each at 91.31, 91.55, and 91.95, respectively.
As the New York session is about to end, an AUD/JPY close above the 100-day EMA will exacerbate a rally towards the January 26 swing high at 92.81. Once the spot price claims above the latter, the 93.00 figure would be next; after that, the December 13 daily high at 93.35 would be tested.
As an alternate scenario, the AUD/JPY first support would be the 200-day EMA at 91.55. Break below would send the pair sliding towards the 50-day EMA At 91.33, ahead of the February 1 low at 91.21.
AUD/JPY Key Technical Levels