The AUD/JPY trimmed some of its Monday losses on Tuesday and gained 0.16%. The pair formed a bullish harami two-candle pattern that could open the door for further gains, but firstly it needs to the region the 89.00 figure. At the time of writing, the AUD/JPY is trading at 88.32, up 0.01% as the Asian session begins.
AUD/JPY Price action
On Monday, the AUD/JPY printed a new YTD low at 87.12, then rallied above the 88.00 mark and registered a huge spinning top candlestick. On Tuesday, price action shrank, as usual, ahead of the US Federal Reserve’s (Fed) monetary policy meeting and formed a hammer. Additionally, price action was well contained within the previous day and formed a bullish harami. That said, the AUD/JPY is headed upward, although oscillators, such as the Relative Strength Index (RSI), stay in bearish territory.
Therefore, the AUD/JPY first resistance would be the March 21 high at 88.50, followed by the 89.00 mark. Once broken, the AUD/JPY would challenge the March 20 high at 89.23. A breach of the latter will expose the 20-day Exponential Moving Average (EMA) at 89.67. ahead of reaching 90.00.
In an alternate scenario, an AUD/JPY bearish continuation could happen if the pair dives below the March 21 lows of 87.71, putting into play a fall toward new YTD lows at 87.12.
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