AUD/JPY Price Analysis: Holds above the 94.00 area, within a descending trend channel

The AUD/JPY cross edges higher above the 94.00 mark during the early European session on Monday. The Chinese finance ministry said on Sunday that the

authorities would reduce the 0.1% duty on stock trading to stimulate the capital market and strengthen investor confidence. This development triggers a risk-on mood and boosts the China-proxy Australian Dollar against the Japanese Yen.

Technically, AUD/JPY trades within a descending trend channel since the middle of June on the four-hour. That said, the path of least resistance for the AUD/JPY is to the upside as the cross just holds above the 50- and 100-hour Exponential Moving Averages . The immediate resistance level for AUD/JPY emerges at 94.40, highlighting the upper boundary of a descending trend channel. Any follow-through buying above the latter will see a rally to 94.90 . The next upside stop to watch is 95.40 en route to 95.85 .

Looking at the downside, the cross will meet the initial support level at 93.85 , followed by 93.75 . The next downside filter appears at 93.50 . The key contention level is seen near a psychological figure at 93.00. A break below the latter will see a drop to 92.60 en route to 91.80 and finally at 91.35 .

It’s worth noting that the Relative Strength Index holds above 50 and the Moving Average Convergence/Divergence stands in the bullish territory. Both momentum

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