AUD/JPY Faces Rejection at Level 86.00 Resistance Zone, Resumes Range Bound Move

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RESULTS

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
On May 10, the currency pair reached a high of level 86.00. However, the bulls could not sustain the bullish momentum above level 86.00. For the past week, the pair has been in a downward move. The pair fell to level 84.50. Meanwhile, on May 10, a retraced candle body tested the 61.8% Fibonacci retracement level. The retracement indicates that the market is likely to rise to level 1.618 Fibonacci extension or level 87.36.

Daily Chart Indicators Reading:
AUD/JPY pair has fallen to level 55 of the Relative Strength Index period 14. It indicates that the market is in the bullish trend zone. The 21-day SMA and the 50-day SMA are sloping upward indicating the uptrend.

AUD/JPY Medium-term Trend: Bullish
On the 4-hour chart, AUD/JPY pair is in a sideways trend below level 85.50. On May 10, the bulls tested the resistance at 85.50 and pulled back. On April 29 uptrend; a retraced candle body tested the 61.8% Fibonacci retracement level. The retracement indicates that the pair is likely to rise to level 1.618 Fibonacci extension or level 86.13.

4-hour Chart Indicators Reading
The AUD/JPY pair is above the 40% range of the daily stochastic. It indicates that the pair is in a bullish momentum. The SMAs are sloping horizontally indicating the sideways trend.

General Outlook for AUD/JPY
On May 10 uptrend; AUD/JPY pair was terminated at level 86.00 resistance. The currency pair fell back to the range-bound zone above level 84.50. The market is resuming upward above the current support.

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