AUD/JPY Price Forecast: Consolidates above 100.00 after turning bullish

• AUD/JPY remains neutral but holds above 100.00, supported by risk-on sentiment and weakness in the Yen against the US Dollar.
• If the pair clears 101.40, it could target further upside toward 102.00 and 102.50, with potential resistance at 103.00.
• A drop below 100.00 would bring support at the top of the Ichimoku Cloud around 99.70/80, with additional support at 98.77.

The AUD/JPY consolidates at around 100.30 yet posts minuscule gains of over 0.06% at the time of writing. A risk-on impulse keeps the Australian Dollar from posting losses against the Japanese Yen, which loses some ground against the US Dollar.

AUD/JPY Price Forecast: Technical outlook

The AUD/JPY is neutral biased, though it has broken the 100.00 barrier. This opened the door for the cross-pair to trade within the 100.00-101.40 range, with further upside eyed.

Now that buyers have lifted the exchange rate above the Ichimoku Cloud (Kumo), the pair could test the year-to-date (YTD) peak at 109.37.

The momentum remains bullish and slightly consolidated, as shown by the Relative Strength Index (RSI).

If AUD/JPY surpassed the October 7 high at 101.40, it opened the door to challenge 102.00. On further strength, the AUD/JPY's next resistance would be 102.50, ahead of challenging the 103.00 mark

Conversely, if the cross-pair drops below 100.00, the first support would be the top of the Kumo at 99.70/80. Once cleared, the next support would be Senkou Span A at 98.77.

AUD/JPY Price Action - Daily Chart