AUD/JPY in an Uptrend Faces Resistance at Level 70.000

AUD/JPY in an Uptrend Faces Resistance at Level 70.000


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.

AUD/JPY – Daily Chart

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.

AUD/JPY – 4 Hour Chart

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.

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

  • Broker
  • Benefits
  • Min Deposit
  • Score
  • Visit Broker
  • Over 100 different financial products
  • Invest from as little as $10
  • Same-day withdrawal is possible
$100 Min Deposit
9.8
$100 Min Deposit
9.8
  • Trade top Cryptos such as Bitcoin, Litecoin and Ethereum plus more
  • Zero commissions and no bank fees on transactions
  • Around the clock service with support in 14 languages
$100 Min Deposit
8.5
  • Award-winning Cryptocurrency trading platform
  • 14 Cryptoassets available to invest in
  • FCA & Cysec regulated
$200 Min Deposit
9.8
  • 20% welcome bonus of upto $10,000
  • Minimum deposit $100
  • Verify your account before the bonus is credited
$100 Min Deposit
9
Share with other traders!