The AUD/JPY cross trades in positive territory near 114.65 during the early European session on Thursday.
Traders will closely monitor the outcome of the US President Donald Trump-Chinese President Xi Jinping summit in Beijing later on Thursday and Friday
News agency Xinhua reported on Thursday that Xi Jinping told US CEOs accompanying Trump on a Beijing visit that China’s door would only open wider, and that he believed US companies would have more opportunities in the country. Xi met with the delegation of CEOs at the Great Hall of the People, which included Elon Musk, Jensen Huang of Nvidia (NVDA.O), and Tim Cook of Apple (AAPL.O). Trump stated on Tuesday that he would ask Xi to “open up” China when they met.
Technical Analysis: In the daily chart, AUD/JPY remains in a constructive bullish bias as price holds well above the 100-day Simple Moving Average (SMA) and the Bollinger middle band, underscoring a firmly supported uptrend. The Relative Strength Index (14) at about 63 hovers in bullish territory without yet signaling extreme overbought conditions, suggesting buyers still retain the upper hand, albeit with scope for consolidation. On the topside, immediate resistance is aligned with the Bollinger upper band and psychological level near 115.00, where a daily close above would open the door to further gains.