AUD/JPY Drops Sharply, Uptrend Likely

AUD/JPY Drops Sharply, Uptrend Likely

 Key Resistance Levels: 78.00, 80.00, 82.00
Key Support Levels: 58.00, 60.00, 62.00

AUD/JPY Price Long-term Trend: Ranging
AUD/JPY currency pair is in sideways trend below level 85.00. The market fluctuates below level 82.00 and level 85.00. The price action is characterized by small body candlesticks.These candlesticks are indicating that buyers and sellers are undecided about the direction of the market.

AUD/JPY – Daily Chart

Daily Chart Indicators Reading:
The pair has fallen to level 37 of the Relative Strength Index period 14. It indicates that the pair is in the downtrend zone and below centerline 50. The 21-day SMA and the 50-day SMA are sloping upward indicating an uptrend. The market is approaching the oversold region.

AUD/JPY Medium-term Trend: Bullish
On the 4-hour chart, the currency pair is making an upward move. AUD/JPY fell in a downward move. The pair was earlier in a sideways trend, the bears broke level 84.60 and resume downward on June 16,. The market declined to the low of level 82.40. On June uptrend, a retraced candle body tested the 61.8% Fibonacci retracement level. The retracement indicates that .The currency pair will rise to level 1.618 Fibonacci extension or level 83.88.

AUD/JPY – 4 Hour Chart

4-hour Chart Indicators Reading
The market is above the 80% range of the daily stochastic. It indicates that the pair is in a bullish momentum. The SMAs are sloping southward indicating the previous downtrend.

General Outlook for AUD/JPY
AUD/JPY pair is a making an upward move after the downtrend. The market is in a downward correction. AUD/JPY pair is likely to reach the high of level 84.10 but will face resistance.

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Author : Azeez Mustapha

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Azeez Mustapha is an experienced author, trader, markets analyst, signals strategist, and funds-manager.