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

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

AUD/JPY – Daily Chart

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.

AUD/JPY – 4 Hour Chart

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.

You can purchase crypto coins here: Buy Coins


Note: Learn2.Trade is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results

  • Broker
  • Benefits
  • Min Deposit
  • Score
  • Visit Broker
  • 20% welcome bonus of upto $10,000
  • Minimum deposit $100
  • Verify your account before the bonus is credited
$100 Min Deposit
9
  • The Lowest Trading Costs
  • 50% Welcome Bonus
  • Award-winning 24 Hour Support
$200 Min Deposit
9
  • Award-winning Cryptocurrency trading platform
  • 14 Cryptoassets available to invest in
  • FCA & Cysec regulated
$200 Min Deposit
9.8

Highly volatile unregulated investment products. No EU investor protection.

  • Over 100 different financial products
  • Invest from as little as $10
  • Same-day withdrawal is possible
$100 Min Deposit
9.8
  • Trade top Cryptos such as Bitcoin, Litecoin and Ethereum plus more
  • Zero commissions and no bank fees on transactions
  • Around the clock service with support in 14 languages
$100 Min Deposit
8.5
  • Award-winning Cryptocurrency trading platform
  • $100 minimum deposit,
  • FCA & Cysec regulated
$100 Min Deposit
9.8
Share with other traders!

Author : Azeez Mustapha

Avatar

Azeez Mustapha is an experienced author, trader, markets analyst, signals strategist, and funds-manager.