AUD/JPY continues downtrend, targets level 77.42

Azeez Mustapha
26 July 2021 | Updated: 26 July 2021

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

AUD/JPY Price Long-term Trend: Bearish
On July 19, AUD/JPY pair fell to $80 low and resumed upward. For the past week, the pair has been correcting upward. The selling pressure will resume if price breaks below level 80.00. The Fibonacci tool has indicated a further downward movement of the pair. Meanwhile, on June 21 downtrend; a retraced candle body tested the 38.2% Fibonacci retracement level. The retracement indicates that the pair will fall to level 2.618 Fibonacci extension or level 77.42.

AUD/JPY – Daily Chart

Daily Chart Indicators Reading:
The pair has fallen to level 40 of the Relative Strength Index period 14. It indicates that it is in the downtrend zone and below the centerline 50. The 21-day SMA and the 50-day SMA are sloping southward indicating the downward move.

AUD/JPY Medium-term Trend: Bearish
On the 4-hour chart, the currency pair is falling in a downtrend. Meanwhile, on July 26 downtrend; a retraced candle body tested the 38.2% Fibonacci retracement level. The retracement indicates that the currency pair will fall to level 2.618 Fibonacci extension or level 78.32.

AUD/JPY – 4 Hour Chart

4-hour Chart Indicators Reading
The pair is above the 75% range of the daily stochastic. It indicates that the pair is in a bullish momentum. The SMAs are sloping southward indicating the downtrend.

General Outlook for AUD/JPY
AUD/JPY pair is in a downward move. Presently, it is correcting upward for a possible upward move. According to the Fibonacci tool, the market will decline to level 2.618 Fibonacci extension or level 77.42.

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Azeez Mustapha

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.