• AUD/JPY trades subdued, capped by the 94.50 figure as the first resistance level.
• The pair remaining inside the Kumo could pave the way for consolidation.
• While the 95.00 resistance trendline poses an immediate challenge, surpassing Kumo’s top could rally AUD/JPY toward the August 1 peak.

The AUD/JPY hovers around 94.40s, post-Monday’s positive session, with the cross-currency pair printing 0.33% gains, though the psychological 94.50 area capped the rally. At the time of writing, the AUD/JPY changes hands at 94.42, likely to remain sideways, as the pair stands inside the Ichimoky Cloud (Kumo).

AUD/JPY Price Analysis: Technical outlook

From a technical standpoint, the AUD/JPY remains neutral-biased, though tilted downwards. On the upside, the AUD/JPY is capped by a two-month-old downslope resistance trendline at around 95.00. The next resistance would be the top of the Kumo at 95.20, which, once cleared, would expose the August 1 at 95.82 before testing 96.00.

On the flip side, the AUD/JPY first support would be followed by the 94.00 figure. The Tenkan-Sen is up next at 93.92, followed by the Senkou Span A at 93.87, ahead of the Kijun-Sen at 93.82.

AUD/JPY Price Action – Daily chart