AUD/JPY Price Forecast: Retails bullish bias, despite retracing from 4-day high

• AUD/JPY retreats from 93.58 but holds above 92.05, maintaining short-term uptrend.
• Daily close above 93.00 needed to target May 13 high at 95.63 and confirm bullish bias.
• Break below 92.00 could weaken structure and expose Senkou Span B support near 90.83.

The AUD/JPY erased some of its earlier gains, dropping 0.20% late during Wednesday's North American session, as US equities finished mixed due to worse-than-expected US economic data. At the time of writing, the cross-pair trades at 92.73, after hitting a four-day peak of 93.58.

AUD/JPY Price Forecast: Technical outlook

Although the AUD/JPY formed a 'bullish harami' candle chart pattern, the pair retreated, but it remains shy of reaching a lower low as it remains above the June 3 daily low of 92.05. Hence, the uptrend, although it remains intact, seems frail.

For a bullish continuation, the AUD/JPY needs a daily close above 93.00. A decisive break will expose the May 13 high of 95.63, shifting the bias to neutral or upwards. A breach of the latter will clear the ath to test February's high at 97.32, ahead of the year-to-date (YTD) high of 99.15, the January 7 peak.

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