AUD/JPY Price Forecast: Moves below 94.50, nine-day EMA acts as initial support

• AUD/JPY may explore the area around the five-month high at 95.75.
• Bullish bias strengthens as the 14-day RSI remains slightly above the 50 level.
• The nine-day EMA at 94.45 acts as the immediate support.

AUD/JPY retraces its recent gains from the previous session, trading around 94.50 during the Asian hours on Thursday. As per the technical analysis of the daily chart, the currency cross remains within the ascending channel pattern, indicating a prevailing bullish bias.

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

On the upside, the AUD/JPY cross could approach the upper boundary of the ascending channel, aligned with the five-month high of 95.75, which was recorded on March 18. A successful breach above this crucial resistance zone could strengthen the bullish bias and prompt the currency cross to test the psychological level of 96.00.

The AUD/JPY cross is testing the immediate support at the nine-day EMA of 94.45. A successful break below the level would weaken the short-term price momentum and put downward pressure on the currency cross to target the 50-day EMA at 93.69, followed by the ascending channel's lower boundary around 93.40.

Further declines below this crucial support zone would 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