AUD/JPY Price Forecast: Tests 94.50 barrier, while finding support at nine-day EMA

• AUD/JPY may approach the five-month high at 95.75.
• Bullish bias gains traction as the 14-day RSI holds above the 50 level.
• The nine-day EMA at 94.42 acts as the immediate support.

AUD/JPY gains ground after registering gains in the previous session, trading around 94.50 during the European hours on Wednesday. As per the technical analysis of the daily chart, the currency cross continues to move upwards within an ascending channel pattern, indicating a prevailing bullish bias.

The 14-day Relative Strength Index (RSI) is positioned above the 50 level, strengthening the bullish sentiment. However, the AUD/JPY cross hovers around the nine-day Exponential Moving Average (EMA), suggesting short-term price momentum is neutral. Further movements will offer a clear price direction.

On the upside, the AUD/JPY cross could explore the region around the upper boundary of the ascending channel, aligned with the five-month high of 95.75, which was recorded on March 18. A breach above this crucial resistance zone could reinforce the bullish bias and support the currency cross to target the psychological level of 96.00.

The AUD/JPY cross tests the immediate support at the nine-day EMA of 94.42. Further declines would weaken the short-term price momentum and put the downward pressure on the currency cross to target the 50-day EMA at 93.65, followed by the ascending channel's lower boundary around 93.30. A successful break below this crucial support zone could weaken the bullish bias and prompt the currency cross to approach the third-month low at 91.50, which was recorded on May 1.

AUD/JPY: Daily Chart