AUD/JPY Is in a Sideways Trend, Faces Rejection at Levels 83.50 and 85.00

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 has been in a sideways trend because of the rejection at level 85.00. The pair fell to level 82.28 after a retest at the recent high. The current upward move is facing resistance above level 83.00. Meanwhile, the uptrend will resume if the resistances at levels 83.50 and 85.00 are cleared.

Daily Chart Indicators Reading:
The pair is at level 54 of the Relative Strength Index period 14. It indicates that AUD/JPY is in the uptrend zone and has room to rally on the upside. The 21-day SMA and the 50-day SMA are sloping upward indicating the uptrend.

AUD/JPY Medium-term Trend: Bearish
On the 4-hour chart, AUD/JPY is in a downward move. On March 21 downtrend; a retraced candle body tested the 78.6% Fibonacci retracement. The retracement indicates that AUD/JPY is likely to fall but will reverse at level 1.272 Fibonacci extension or level 83.16. From the price action, the market has reversed at level 82.50 but it is currently facing rejection above level 83.00.

4-hour Chart Indicators Reading
The AUD/JPY pair is above the 80% range of the daily stochastic. It indicates that the pair has risen to the overbought region of the market. This implies that the pair may face selling pressure in the overbought region. The SMAs are sloping downward indicating the downtrend.

General Outlook for AUD/JPY
Since February, AUD/JPY pair has been in a sideways trend. The market has reversed but it is facing resistance at level 83.50. If buyers break the initial resistance level, the currency pair will rise to retest the 85.00 overhead resistance.


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