AUD/JPY in a Downward Move, Targets Level 73.237

AUD/JPY in a Downward Move, Targets Level 73.237

Key Resistance Zones: 74.000, 76.000, 78.000
Key Support Zones: 66.000, 64.000, 62.000

AUD/JPY Long-term Trend: Bearish
AUD/JPY is in a downward move. The pair was earlier in a bearish trend. A correction candle tested the 0.786 Fibonacci retracement level. This indicates that the market will rise and reach a high of 1.272 Fibonacci level. The pair is currently on a downward move as it reaches the overbought region.

AUD/JPY – Daily Chart

Daily Chart Indicators Reading:
Presently, the pair has fallen to level 60 of the Relative Strength Index period 14. This implies that AUD/JPY is on a downward move after reaching overbought region of the market. Sellers have emerged to push prices down. The 21-day SMA and the 50-day SMA are sloping upward indicating the uptrend.

AUD/JPY Medium-term Trend: Bearish
On the 4- hour chart, the currency pair is in a downward move. The market is currently on a downward move. A correction candle body tested 0.618 Fibonacci retracement level. The pair may fall and reach the low of level 1.618 extension level. Or it’s equivalent at level 73.237.

AUD/JPY – 4 Hour Chart

4-hour Chart Indicators Reading
The market is presently below 20 % range of the daily stochastic. This implies that the pair is approaching the oversold region of the market. Buyers are likely to emerge thereafter. The 21-day and 50-day SMA are sloping downward.

General Outlook for Italy AUD/JPY
The currency pair is in a downward move after it was overbought at level 76.000. The indicators are pointing downward as the downward move lasts. The Fibonacci tool as indicated a downward move to level 73.237.

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Author : Azeez Mustapha


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