AUD/JPY Is Currently Range-Bound Between Levels 83.00 and 84.00

8 March 2021 | Updated: 8 March 2021

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

AUD/JPY Price Long-term Trend: Bullish
AUD/JPY is still in an uptrend but the uptrend is facing resistance at the recent high. On February 25 uptrend; a retraced candle body tested the 50% Fibonacci retracement level. The retracement indicates that the market will rise to level 2.0 Fibonacci extension or the high of level 90.06.

AUD/JPY – Daily Chart

Daily Chart Indicators Reading:
The 21-day SMA and the 50-day SMA are sloping upward indicating the upward move. The pair has risen to level 61 of the Relative Strength Index period 14. This indicates that the Yen is in the uptrend zone and above the centerline 50.

AUD/JPY Medium-term Trend: Ranging
On the 4-hour chart, the pair is in a smooth uptrend but the upward move has been interrupted. The pair is fluctuating between 83.00 and 84.00 price levels. The AUD/JPY will resume trending once these levels are broken.

AUD/JPY – 4 Hour Chart

4-hour Chart Indicators Reading
The AUD/JPY pair is above the 40% range of the daily stochastic. It indicates that the market has resumed bullish momentum. The SMAs are sloping upward indicating the uptrend.

General Outlook for AUD/JPY
The AUD/JPY is presently fluctuating in a confined range. The current upward move is facing resistance at level 84.00. According to the Fibonacci tool, the market will reach the high of level 2.0 Fibonacci or level 90.06.

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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.