AUD/JPY Consolidates Below Level 84.50 Resistance Zone, May Resume Upward Move


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 is an upward move. The pair is currently facing resistance at the 84.50 high. The Yen is consolidating above the current support. In the previous downtrend, the pair was rejected at the high of level 85.00 and it fell to level 82.28. The selling pressure is unlikely to continue.

AUD/JPY -Daily Chart

Daily Chart Indicators Reading:
The pair is at level 57 of the Relative Strength Index period 14. It indicates that AUD/JPY is in the uptrend zone and has room to rally on the upside. The 21-day SMA and the 50-day SMA are sloping upward indicating the uptrend.

AUD/JPY Medium-term Trend: Bearish
On the 4-hour chart, AUD/JPY has resumed falling on the downside. On April 2 downtrend; the retraced candle body tested the 78.6% Fibonacci retracement level. This retracement indicates that the market will fall to level 1.272 Fibonacci extension or the low of level 83.90.

AUD/JPY – 3 Hour Chart

4-hour Chart Indicators Reading
The AUD/JPY pair is below the 80% range of the daily stochastic. It indicates that the pair is in a bearish momentum. This implies that the pair may face selling pressure in the overbought region. The SMAs are sloping downward indicating the downtrend.

General Outlook for AUD/JPY
The market is facing another rejection at level 84.50 resistance zone. This makes the Yen further decline on the downside. According to the Fibonacci tool, the market will decline to level 83.29.

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Azeez Mustapha

Azeez Mustapha is a trading professional, currency analyst, signals strategist, and funds manager with over ten years of experience within the financial field. As a blogger and finance author, he helps investors understand complex financial concepts, improve their investing skills, and learn how to manage their money.