AUD/JPY Is In A Sideways Move, Retraces To Level 83.80 Support


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

AUD/JPY Price Long-term Trend: Ranging
AUD/JPY is range-bound since February 25. The pair has been in a sideways trend below level 85.00. Buyers are yet to break the overhead resistance. If the bulls break the overhead resistance, the uptrend will resume. Meanwhile, the pair is retracing to the 21-day SMA. A break below the 21-day SMA will mean a further downward move.

AUD/JPY – Daily Chart

Daily Chart Indicators Reading:
The pair has fallen to level 54 of the Relative Strength Index period 14. It indicates that AUD/JPY is in the downtrend zone and above the centerline 50. The 21-day SMA and the 50-day SMA are sloping upward indicating the previous uptrend.

AUD/JPY Medium-term Trend: Ranging
On the 4-hour chart, AUD/JPY is in a sideways move below level 84.40. The pair is falling after a second retest at the resistance level. Meanwhile, on April 15 uptrend; the retraced candle body tested the 61.8% Fibonacci retracement level. This retracement indicates that the market will rise to level 1.618 Fibonacci extension or the high of level 85.19.

AUD/JPY – 4 Hour Chart

4-hour Chart Indicators Reading
The AUD/JPY pair is below the 40% range of the daily stochastic. It indicates that the pair is in a bearish momentum. . The SMAs are sloping upward indicating the upward move.

General Outlook for AUD/JPY
AUD/JPY has been in a sideways move since February 23. The pair is retracing and has fallen to the low of level 83.94. The market price has broken below the 21-day SMA as it approaches the 50-day SMA. The upward move will resume if the pair finds support above the SMAs.

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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.