AUD/JPY climbs sharply, approaching the key psychological level of 100.00, buoyed by renewed optimism in global markets.
Technical analysis highlights potential resistance at the year-to-date high of 100.81, with further targets at 101.00.
Key support levels identified at 99.65 and 99.20, with potential downside risk to the March 28 low at 98.17.
The AUD/JPY rallies sharply amid a risk-on impulse as Wall Street resumes its rally amid a light economic docket. At the time of writing, the cross-pair trades at 99.87 clocks gains of more than 0.60%.
AUD/JPY Price Analysis: Technical outlook
The AUD/JPY witnessed the formation of a ‘hammer’ on Friday in the daily chart, suggesting that further upside is seen. However, the pair plunged sharply toward a one-month low of 97.78 last Friday on geopolitical risks. As tensions abated, the Aussie Dollar (AUD) gained traction against the Japanese Yen (JPY).
If AUD/JPY continues its rally towards 100.00, it could potentially test the current year-to-date (YTD) high at 100.81. Once this level is cleared, the next significant resistance would be at 101.00, providing clear targets for traders to considers.
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