AUD/JPY Price Analysis: Gains momentum below the 99.00 mark amid the overbought condition

AUD/JPY attracts some buyers around 98.95 in Wednesday’s early European session. The cross resumes its bullish outlook with the overbought RSI condition. The first upside barrier is located in the 99.00–99.05 region; 98.10 acts as an initial support level. The decline of the Japanese Yen to a multi-month low following the Bank of Japan’s dovish hike on Tuesday creates a tailwind for the cross. At the press time, the cross is trading at 98.95, up 0.43% on the day.

The key hurdle is seen at the psychological round mark of 100.00. Further north, the next upstate target is located near a weekly low of May 10, 2013 at 100.40. On the other hand, a high of March 17 at 98.10 acts as an initial support level for AUD/JPY. The next contention level to watch is the 100-period EMA at 97.85. Any follow-through selling below the latter will resume the downside and drag the cross lower to a low of March 18 at 97.

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