AUD/JPY in an Uptrend Faces Resistance at Level 70.000

Estimated Reading Time: 2 minutes

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Azeez Mustapha

Updated: 13 October 2022

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

AUD/JPY Price Long-term Trend: Bullish
The AUD/JPY pair is in an ascending channel. Presently, the pair is falling after being resisted at level 70. The price has been resisted thrice at level 70. The market is falling to a low of 68.617. The downward move may have been exhausted at the current low and an upward move is being expected.

Daily Chart Indicators Reading:
The moving averages have made a bullish crossover. The 21-day SMA crosses over the 50-day SMA. The market fell to level 49 of the Relative Strength Index period 14. The price is in the downtrend zone and it is below the centerline 50.

AUD/JPY Medium-term Trend: Bullish
On the 4-hour chart, the pair is in an ascending channel. At the moment, the market is facing resistance at level 70. The bulls have been resisted on three occasions. The downtrend has reached the lower price range.

4-hour Chart Indicators Reading
The Yen is currently below 20% range of the daily stochastic. This implies that the currency pair has reached the oversold region of the market. The implication is that buyers are likely to emerge in the oversold region to push prices uptrend.

General Outlook for AUD/JPY
The pair is in an upward move but it is facing resistance at level 70. The market is likely to reach a high of level 72.000 if the resistance is breached. Presently, the market will rise as the pair is in the oversold region.

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