AUD/JPY forms a doji at YTD highs, signaling a possible pause in the rally.
Potential retracement could test the 91.89 support zone, an intersection of the 50% Fibonacci and Tenkan-Sen line.
On the upside, surpassing the YTD high could push the pair towards 94.00, with a potential target at 95.00.
AUD/JPY hovers at around the 93.20 area as the Asian session begins, following Wednesday’s session, which formed a doji after reaching new year-to-date (YTD) highs. However, a daily close below the June 6 high of 93.26 suggests buyers are losing control ahead of Thursday’s session.
AUD/JPY Price Analysis: Technical outlook
AUD/JPY seems to pause its rally, as a doji emerged on Wednesday after hitting a new YTD high. However, in the medium term, the AUD/JPY is still upward biased but might pull back toward the confluence of the 50% Fibonacci retracement and the Tenkan-Sen line at around 91.89. Further downside is expected, towards the next confluence, of the Kijun-Sen line and the 61.8% Fibo retracement at around 91.34/50, before resuming its uptrend.
Conversely, a bullish continuation will witness the AUD/JPY exploding past the YTD high and testing the psychological level at 94.00. A breach of the latter will expose the November 16 daily high at 94.65, ahead of gaining traction and challenging the 95.00 figure
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