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

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.


You can purchase crypto coins here: Buy Coins

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
  • 20% welcome bonus of upto $10,000
  • Minimum deposit $100
  • Verify your account before the bonus is credited
$100 Min Deposit
9
  • The Lowest Trading Costs
  • 50% Welcome Bonus
  • Award-winning 24 Hour Support
$200 Min Deposit
9
  • Award-winning Cryptocurrency trading platform
  • 14 Cryptoassets available to invest in
  • FCA & Cysec regulated
$200 Min Deposit
9.8

Highly volatile unregulated investment products. No EU investor protection.

  • Over 100 different financial products
  • Invest from as little as $10
  • Same-day withdrawal is possible
$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
  • $100 minimum deposit,
  • FCA & Cysec regulated
$100 Min Deposit
9.8
Share with other traders!

Author : Azeez Mustapha

Avatar

Azeez Mustapha is an experienced author, trader, markets analyst, signals strategist, and funds-manager.