AUD/JPY Forecast: Bullish Momentum Breaks Above 94.50

AUD/JPY continues its upward trajectory for the second consecutive day, currently trading around 94.60 during European trading hours. Technical analysis of the daily chart reveals that this currency cross remains firmly within an ascending channel pattern. This pattern confirms a strong bullish bias and signals that the Australian dollar is gaining momentum against the Japanese yen.

Market participants closely monitor resistance levels near three-month highs as the currency pair approaches critical points. Traders are optimistic about the potential for further gains, especially as economic indicators suggest positive trends for the Australian economy.

Given prevailing market sentiment, the outlook for AUD/JPY remains bullish as investors look to capitalize on the strengthening Australian dollar.