AUD/JPY Price Analysis: Moves near 94.70 with conflicting signals limiting directional conviction

• AUD/JPY was seen trading near the 94.70 zone on Wednesday, holding mid-range after a mild advance.
• Momentum indicators flash mixed cues, with short-term bias tilted higher but overbought risks emerging.
• Support lies around 94.60-94.42 while resistance caps gains near the 95.20-96.45 zone.

The AUD/JPY pair edged slightly higher on Wednesday's session ahead of the Asian open, seen trading around the 94.70 area. After bouncing from earlier lows, the pair managed to extend its recovery, though intraday action remains confined within the mid-point of its daily range, with a mixed technical setup keeping broader trends in check.

From a momentum perspective, the MACD histogram signals a potential buy. Meanwhile, the Ichimoku Base Line near 94.30 maintains a neutral stance. The Relative Strength Index stands at 51 and the Stochastic oscillator at 71, both hovering in neutral territory, yet the combined RSI/Stochastic indicator printing near 85 raises early overbought warnings.

Moving average analysis shows the 20-day Simple Moving Average at 93.88 supporting upside momentum in the short term. However, longer-term pressure remains, as both the 100-day SMA at 96.98 and 200-day SMA at 98.80 continue to slope downward, suggesting underlying bearish risk remains in play.

In terms of key levels, immediate support is seen around 94.60, followed by 94.47 and 94.42. On the flip side, resistance is expected at 95.22 and 95.36, with a break above the latter potentially opening the door for a test of 96.45.

AUD/JPY daily chart