AUD/JPY Price Forecast: Rebounds towards 101.50, bulls target yearly high

• AUD/JPY rises 0.39% after defending support, holding firm as Asian session begins.
• Uptrend intact with higher highs and lows, pointing toward a test of the yearly peak.
• Break above resistance opens path toward 102.41-103.00; drop below support risks slide toward 101.00-100.00.

The AUD/JPY recovers after posting losses of 0.17% on Monday, rises 0.39% after the cross-pair tested the 20-day Simple Moving Average (SMA) at 100.45. At the time of writing, the Aussie pair trades at 101.26 up 0.05%, as Wednesday's Asian session kicks in.

AUD/JPY Price Forecast: Technical outlook

The AUD/JPY technical picture suggests that further upside is seen. Successive series of higher highs and higher lows indicate the pair could challenge the yearly peak of 101.82.

Momentum as measured by the Relative Strength Index (RSI) shows buyers outweighing sellers. Still caution is warranted, as the RSI is shy of clearing its latest peak at around 67.50.

If AUD/JPY clears 102.00, the next stop would be November 7, 2024, high of 102.41, ahead of 103.00. Conversely if it falls below 101.50, the first support would be 101.00, followed by the 20-day SMA and the 100.00 print.

AUD/JPY Price Chart - Daily