AUD/JPY Breaks Level 81.00, Pushes on the Upside

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

AUD/JPY Price Long-term Trend: Bullish
AUD/JPY has been trading below level 81.00 resistances, Since January 8. Today, the price has broken level 81.00 resistance. That means the market will move up. However, the upward move is doubtful because the RSI is approaching the overbought region. Therefore, the pair may not have room to rally on the upside.

Daily Chart Indicators Reading:
The 21-day SMA and the 50-day SMA are sloping upward indicating the upward move. The pair has risen to level 67 of the Relative Strength Index period 14. This indicates that the Yen is in the uptrend zone and above the centerline 50.

AUD/JPY Medium-term Trend: Bullish
On the 4-hour chart, the pair has been in an upward move. On February 4 uptrend; a retraced candle body tested the 78.6% Fibonacci retracement level. The Yen is likely to rise and reverse at level 1.272 Fibonacci extensions or the high of level 81.49.

4-hour Chart Indicators Reading
The AUD/JPY pair is currently above the 80% range of the daily stochastic. It indicates that the pair is in a bullish momentum. Also, the pair has reached the overbought region. Later, sellers will emerge to push prices down. The SMAs are sloping horizontally indicating the sideways move.

General Outlook for AUD/JPY
The AUD/JPY has been in an uptrend since November 2020. According to the indicators, the pair has reached the overbought region of the market. The market has reached bullish exhaustion. Prices may fall.


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