AUD/JPY Continues Fluctuation but Targets the Resistance at Level 75.50


Key Resistance Levels: 74.00, 76.00, 78.00
Key Support Levels: 58.00, 60.00, 62.00

AUD/JPY Price Long-term Trend: Ranging
The AUD/JPY pair is on a sideways trend. The market is currently fluctuating between levels 74.00 and 76.00. The price has fallen to the middle of price range. It is unclear if the downward move will extend to level 74.00. Presently, price is fluctuating above level 75.00.

AUD/JPY – Daily Chart

Daily Chart Indicators Reading:
The 21-day SMA and the 50-day SMA are sloping horizontally indicating the sideways move. The pair has fallen to level 58 of the Relative Strength Index period 14. The price is in the uptrend zone but above the centerline 50.

AUD/JPY Medium-term Trend: Ranging
On the 4-hour chart, the pair is fluctuating in a tight range between levels 75.00 and 75.50 Nonetheless, the AUD/JPY has fallen to the support line of the lower price range. The direction of price is uncertain. Since on July 24, level 75.00 has been holding as price move up. Perhaps the market may move up.

AUD/JPY – 4 Hour Chart

4-hour Chart Indicators Reading
The AUD/JPY pair is currently below 40% range of the daily stochastic. It indicates a bearish momentum. The price action is indicating a bullish signal. The SMAs are sloping sideways indicating the sideways trend.

General Outlook for AUD/JPY
The AUD/JPY pair is currently fluctuating in a tight range. The market will move up if the current price level holds. In other words, the price will rise to level 75.50 and reverse to resume the fluctuations. However, if any of these levels are broken the market will trend.

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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.