AUD/JPY Falls after Retesting Level 84.00, 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: Bearish
AUD/JPY was earlier in an uptrend. The pair has been facing rejection at level 85.00. On February 26 and March 18, the pair was resisted and the market declined to level 82.00. Today, the selling pressure has resumed. On March 24 downtrend; a retraced candle body tested the 38.2% Fibonacci retracement level. The retracement indicates that AUD/JPY is likely to fall to level 2.618 Fibonacci extension or the low of level 77.16.

Daily Chart Indicators Reading:
The pair has fallen to level 46 of the Relative Strength Index period 14. It indicates that AUD/JPY is in the downtrend zone and below the centerline 50. The 21-day SMA and the 50-day SMA are sloping upward indicating the previous uptrend.

AUD/JPY Medium-term Trend: Bearish
On the 4-hour chart, AUD/JPY has been in a sideways move below the level of 84.00. The pair is falling after rejection from level 84.00. On April 6 downtrend; the retraced candle body tested the 50% Fibonacci retracement level. This retracement indicates that the market will fall to level 2.0 Fibonacci extension or the low of level 83.14.

4-hour Chart Indicators Reading
The AUD/JPY pair is below the 60% range of the daily stochastic. It indicates that the pair is in a bearish momentum. . The SMAs are sloping downward indicating the downtrend.

General Outlook for AUD/JPY
The pair is likely to further decline as it faces further rejection at level 84.00. The bears have broken below the 21-day and 50-day SMA, which suggests a further downward movement of price.


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