AUD/JPY Price Forecast: Falls to near 96.00 as sentiment remains neutral

• AUD/JPY may find primary resistance at the nine-day EMA at 96.44.
• The 14-day Relative Strength Index remains above the 50 mark, suggesting a bullish bias is active.
• The immediate support appears at the rectangle's lower boundary around 95.80.

AUD/JPY loses ground for the fourth successive session, trading around 96.10 during the Asian hours on Thursday. The technical analysis of the daily chart shows that the currency cross moves sideways within the rectangular pattern, suggesting a prevailing neutral sentiment.

The 14-day Relative Strength Index (RSI) is positioned slightly above the 50 mark, suggesting a bullish bias is active. However, the AUD/JPY cross has moved below the nine-day Exponential Moving Average (EMA), indicating short-term price momentum is weakening.

On the upside, the AUD/JPY cross may target the nine-day EMA at 96.44. A break above this level would improve the short-term price momentum and support the pair to approach the upper boundary of the rectangle around 97.30, followed by the six-month high at 97.43, which was recorded on July 15.

The AUD/JPY cross may find immediate support at the rectangle's lower boundary around 95.80. A break below the rectangle could cause the emergence of the bearish bias and put downward pressure on the currency cross to navigate the region around the 50-day EMA at 95.15. Further declines would prompt the cross to approach the monthly low at 93.97, which was recorded on July 1.

AUD/JPY: Daily Chart