AUD/JPY Price Forecast: Bearish bias remains unchanged near 93.00

• AUD/JPY holds positive ground around 93.10 in Wednesday's early European session. 
• Negative view of the cross prevails below the 100-day EMA, but consolidation cannot be ruled out with neutral RSI indicator. 
• The initial support level is seen at 91.68; the immediate resistance level to watch is 93.90.

The AUD/JPY cross trades in positive territory near 93.10 during the early European session on Wednesday. The Australian Dollar (AUD) remains weak against the Japanese Yen (JPY) after Australia's first quarter (Q1) economic growth missed estimates. 

Data released by the Australian Bureau of Statistics (ABS) on Wednesday showed that the country's Gross Domestic Product (GDP) grew 0.2% QoQ in Q1 of 2025 versus 0.6% prior. This reading came in weaker than the expectations of 0.4%. On an annual basis, the GDP expanded by 1.3%, compared with the 1.3% growth in Q4 while below the consensus of a 1.5% increase.

Technically, the bearish outlook of AUD/JPY remains in play as the cross remains capped below the key 100-day Exponential Moving Average (EMA) on the daily chart. However, further consolidation or temporary recovery cannot be ruled out, with the 14-day Relative Strength Index (RSI) hovering around the midline. 

The lower limit of the Bollinger Band at 91.68 acts as an initial support level for the cross. A decisive break below the mentioned level could expose 90.70, the low of April 30. Further south, the crucial contention level is seen at the 90.00 psychological figure. 

On the bright side, the first upside barrier for AUD/JPY to watch is 93.90, the 100-day EMA. Sustained trading above this level could pave the way to 94.78, the upper boundary of the Bollinger Band. Extended gains could see the next hurdle at 95.65, the high of May 13. 

AUD/JPY daily chart