AUD/JPY Price Forecast: Tests psychological 94.00 support near nine-day EMA

• AUD/JPY may find a barrier at the three-month high of 95.65.
• Bullish bias prevails as the 14-day RSI is positioned above the 50 mark.
• The primary support appears at the nine-day EMA of 93.51.

AUD/JPY edges lower after registering gains in the previous three consecutive sessions, trading around 94.10 during European hours on Tuesday. As per the technical analysis of the daily chart, the currency cross remains within an ascending channel pattern, confirming a sustained bullish bias.

The 14-day Relative Strength Index (RSI) stays above the 50 level, strengthening the bullish bias. Additionally, the AUD/JPY cross continues to trade above the nine-day Exponential Moving Average (EMA), indicating short-term price momentum is stronger.

On the upside, the AUD/JPY cross could approach the three-month high at 95.65, which was marked on May 13. Further appreciations above this level could strengthen the bullish sentiment and support the pair to explore the region around the upper boundary of the ascending channel at 99.80.

The AUD/JPY cross may target the primary support at the nine-day EMA of 93.51, aligned with the ascending channel's lower boundary around 93.40. Next support appears at the 50-day EMA of 93.05, followed by the two-month low at 91.50, recorded on May 1.

AUD/JPY: Daily Chart