AUD/JPY Faces Stiff Resistance, Battles the Resistance at 85.00

AUD/JPY Faces Stiff Resistance, Battles the Resistance at 85.00

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
Since February 24, the currency pair has been in a sideways move. AUD/JPY has been facing rejection at the $85 resistance. In February and March, the upward moves were repelled. 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 86.21.

AUD/JPY – Daily Chart

Daily Chart Indicators Reading:
AUD/JPY pair has fallen to level 48 of the Relative Strength Index period 14. It indicates that the pair is in the downtrend zone and below centerline 50. The 21-day SMA and the 50-day SMA are sloping upward indicating the uptrend.

AUD/JPY Medium-term Trend: Bullish
On the 1-hour chart, AUD/JPY pair is in a sideways move below level $84. The currency pair is fluctuating between levels 84.00 and 84.60. On May 24 uptrend; a retraced candle body tested the 78.6% Fibonacci retracement level. The retracement indicates that the pair is likely to rise to level 1.272 Fibonacci extension or level 84.42 and reverse.

AUD/JPY – 1 Hour Chart

1-hour Chart Indicators Reading
The AUD/JPY pair is above the 80% range of the daily stochastic. It indicates that the pair has reached the overbought region. The SMAs are sloping horizontally indicating the sideways trend. Sellers are likely to emerge at the overbought region to push prices down

General Outlook for AUD/JPY
AUD/JPY pair is in a sideways move. The pair is yet to trend as a result of the resistance at $85. The pair is fluctuating between level 82.00 and 85.00. The Fibonacci tool has indicated an upward move to level 1.618 Fibonacci extension or level 86.21.



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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.