AUD/JPY In a Downward Move, Faces Rejection Level 84.00

AUD/JPY In a Downward Move, Faces Rejection Level 84.00

Key Resistance Levels: 78.00, 80.00, 82.00
Key Support Levels: 58.00, 60.00, 62.00

AUD/JPY Price Long-term Trend: Bearish
AUD/JPY currency pair is in a downward move. The market was earlier correcting upward but the bulls could not break above the previous high. The selling pressure has resumed. On June 18 downtrend; a retraced candle body tested the 38.2% Fibonacci retracement level. The retracement indicates that the pair will fall to level 2.618 Fibonacci extension or level 77.31.

AUD/JPY – Daily Chart

Daily Chart Indicators Reading:
The pair has fallen to level 42 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 horizontally indicating the sideways move.

AUD/JPY Medium-term Trend: Bullish
On the 4-hour chart, the currency pair has resumed downward move. The pair was earlier in a sideways trend. On June 28 downtrend, a retraced candle body tested the 38.2% Fibonacci retracement level. The retracement indicates that the currency pair will fall to level 2.618 Fibonacci extension or level 83.34.

AUD/JPY – 4 Hour Chart

4-hour Chart Indicators Reading
The market is below the 20% range of the daily stochastic. It indicates that the pair is in a bearish momentum. Also, the pair has fallen to oversold region of the market. The implication is that selling pressure is reaching bearish exhaustion. The SMAs are sloping southward indicating the downtrend.

General Outlook for AUD/JPY
AUD/JPY pair is falling after facing rejection at level 84.16. According to the Fibonacci tool, The currency pair will fall to level 2.618 Fibonacci extension or level 77.31

 
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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.