AUD/JPY Price Analysis: Slightly advances towards the 94.00 figure

• AUD/JPY extended its rally to four straight days, gaining 0.28% on Tuesday.
• The daily chart illustrates the cross-currency pair seesawing in a 150 pip range.
• The AUD/JPY 4-hour chart shows a rising-wedge emerging, which targets the 93.00 figure.

The AUD/JPY edges lightly lower as the Asian Pacific session begins, but on Monday, it extended its gains for three consecutive days, finishing the session around 94.60, up by 0.47%. At the time of writing, the AUD/JPY is trading at 94.53, below its opening price by 0.08%.

AUD/JPY Price Analysis: Technical outlook

In the last five days, the AUD/JPY has been consolidated within the 93-00-94-50 area, unable to break the top/bottom of the range. Worth noting that from a daily chart perspective, the AUD/JPY is neutral-to-upward bias but unless buyers reclaim the 95.10 August 12 daily high, the cross-currency pair will remain to seesaw amidst a lack of catalyst.

With AUD/JPY buyers reclaiming the abovementioned scenario, their first resistance would be the July 27 high at 95.67, followed by the YTD high at 96.88. Failure to do so, the AUD/JPY might fall towards the bottom of the range at 93.00.

Zooming into the 4-hour chart, the AUD/JPY formed a rising-wedge that targets the 93.23 mark. Further cementing the case, it’s that the RSI crossed below its 7-SMA, signaling that sellers are gathering momentum, despite being above the 50-midline, at 58.46. Therefore, the AUD/JPY first support would be the S1 daily pivot at 94.05. Break below will expose the S2 and S3 pivot points, at 93.57 and 93.17.

AUD/JPY Key Technical Levels