AUD/JPY Price Forecast: Edges higher with eyes set on 94.00 as bullish harami emerges

• AUD/JPY breaks above 92.89, confirming bullish harami and signaling short-term upside momentum.
• Next resistance at 93.86; sustained rally needs break above May 13 high of 95.63 to shift broader trend.
• Drop below 92.00 would negate bullish outlook, targeting support near Senkou Span B at 90.83.

The AUD/JPY opens Wednesday's Asian session with a positive mood, posting gains of over 0.08% at the time of writing. The cross-pair appears poised to extend the ongoing leg up, testing the May 29 daily high of 93.86.

AUD/JPY Price Forecast: Technical outlook

After posting back-to-back bearish sessions last week, the AUD/JPY formed a 'bullish harami', which was confirmed on Tuesday when the pair cleared the May 30 high of 92.89.

Although this suggests a trend reversal is underway, a change of the ongoing downtrend is far. The AUD/JPY must clear the May 13 high of 95.63 to shift the bias to neutral, as price action needs to confirm a reversal, printing successive series of higher highs and lows.

Conversely, if AUD/JPY tumbles below the May 30 low of 92.00, a fall toward the Senkou Span B at 90.83 is on the cards.

AUD/JPY Price Chart - Daily