AUD/JPY Price Forecast: Resumes upward journey above 100-day EMA near 95.50

• AUD/JPY edges higher to around 95.45 in Friday's early European session, adding 0.24% on the day. 
• Positive outlook of the cross prevails above the 100-day EMA, but further consolidation cannot be ruled out in the near term.
• The immediate resistance level is seen in the 96.00-96.10 zone; the initial support level is located at 95.10.

The AUD/JPY cross attracts some buyers to around 95.45 during the early European session on Friday. The uncertainty over the likely timing of the next interest rate hike by the Bank of Japan (BoJ) continues to drag the Japanese Yen (JPY) lower and acts as a tailwind for the cross. 

Technically, AUD/JPY resumes its upward bias as the price crosses above the key 100-day Exponential Moving Average (EMA) on the daily chart. However, further consolidation cannot be ruled out, with the 14-day Relative Strength Index (RSI) hovering around the midline. This suggests neutral momentum in the near term. 

The first upside target to watch for the cross is seen in the 96.00-96.10 region, the psychological level and the high of August 19. Extended gains could see a rally to 96.75, the high of August 13. Further north, the next hurdle is located at 97.10, the upper boundary of the Bollinger Band. 

On the other hand, any follow-through selling below the 100-day EMA of 95.10 could see a drop to 94.40, the low of August 20. Sustained trading below the mentioned level could expose 93.97, the low of July 1. The additional downside filter to watch is 93.36, the low of June 16. 

AUD/JPY Daily Chart