AUD/JPY Faces Rejection at Level 83.40, May Resume Downward

AUD/JPY Faces Rejection at Level 83.40, May Resume Downward

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 in an uptrend. The pair is facing resistance at level 83.40. The upward move is interrupted as the pair reached the overbought region. The price has fallen to level 83.115 but pulled back to level 83.251. It is not clear whether the selling pressure will continue.

AUD/JPY – Daily Chart

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 78 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 19 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 83.46.

AUD/JPY – 4 Hour Chart

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 upward indicating the uptrend.

General Outlook for AUD/JPY
The AUD/JPY rallied to level 83.40 as at yesterday. Today, the pair is retracing from the recent high because the pair has reached the overbought region of the market. According to the Fibonacci tool analysis, the market will reverse to level 78.6 % Fibonacci retracement level.

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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.