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On Tuesday, the AUD/JPY pair showed confident growth, reaching a nearly four-month high following the Reserve Bank of Australia's (RBA) unexpected decision to keep interest rates unchanged. At the same time, ongoing expectations that the Bank of Japan may postpone rate hikes continue to weaken the Japanese yen, supporting the pair above the key psychological level of 95.00.
From a technical standpoint, the breakout of the upper boundary of the short-term range around 94.70–94.80 and the consolidation above the 95.00 level serve as strong signals for AUD/JPY buyers. Oscillators on the daily chart remain in positive territory and are far from overbought conditions, indicating the continuation of the upward trend.
To confirm further growth, it is recommended to wait for a sustained breakout of resistance in the 95.70–95.75 level. In that case, the pair could overcome the 96.00 mark and accelerate toward the next key barrier around 96.55. Momentum could extend further toward the 97.00 level and the February high in the 97.30–97.35 level.
In the event of a correction, support is expected around 95.00. A decline toward the breakout zone of 94.70–94.80 may be viewed as a buying opportunity. This would help limit losses near the weekly low of 94.25, marked on Monday. However, a firm break below this level followed by a drop through the psychological 94.00 level would increase selling pressure and shift the bias in favor of the bears.
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