AUD/JPY in a Sideways Move Faces Resistance at Level 69.262

Azeez Mustapha
16 April 2020 | Updated: 16 April 2020

Key Resistance Levels: 74.000, 76.000, 78.000
Key Support Levels: 58.000, 60.000, 62.000

AUD/JPY Price Long-term Trend: Ranging
The AUD/JPY pair was earlier in a sideways move. In December and January, the pair tested level 76.000 but was resisted. The market resumed a downward move. In the downtrend, a bull candle tested the 0.786 Fibonacci retracement level. According to Fibonacci tool, the market will reverse at the 1.618 extension level. From the price action, the market reversed at level 61.679. Meanwhile, the upward move is facing resistance at level 69.0666. The market is expected to go up.

AUD/JPY – Daily Chart

Daily Chart Indicators Reading:
The pair is at level 51 of the Relative Strength Index period 14. The price is in uptrend zone and above the centerline 50. The index was earlier rising after the pair fell to level 61.679. At this level the market was oversold. Buyers emerged as the market moved up.

AUD/JPY Medium-term Trend: Bearish
On the 4 –hour chart, the pair has been in a sideways trend. The market is fluctuating between level 60.000 and 70.000. Presently the market is trading at the upper price range

AUD/JPY – 4 Hour Chart

4-hour Chart Indicators Reading
The 50-day SMA and the 21-day SMA are sloping horizontally indicating the sideways move. Price is currently below 20% range of the daily stochastic. The market is in a bullish momentum.

General Outlook for AUD/JPY
The pair is in a sideways move. The market is currently in uptrend zone. That means prices are likely to rise. During the downtrend, price gapped from on March 2 to March 9 to continue the downward move. The pair has reversed at level 61.679.

Note: Learn2Trade.com 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

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Azeez Mustapha

Azeez Mustapha

Azeez Mustapha is a trading professional, currency analyst, signals strategist, and funds manager with over ten years of experience within the financial field. As a blogger and finance author, he helps investors understand complex financial concepts, improve their investing skills, and learn how to manage their money.