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Key Resistance Levels: 74.00, 76.00, 78.00
Key Support Levels: 58.00, 60.00, 62.00
AUD/JPY Price Long-term Trend: Ranging
The AUD/JPY pair is on a sideways trend. After the last bearish impulse on June 11, the pair is facing resistance at level 75.00. The market falls each time price tests the resistance zone at level 75.00. A break above level 75.00 will push price to level 76.00. A downward move will prevail if the price turns down from the resistance zone.
Daily Chart Indicators Reading:
The moving averages have made a bullish crossover. The 21-day SMA crosses over the 50-day SMA. The SMAs are currently in a sideways trend. The pair has risen to level 60 of the Relative Strength Index period 14. The market is in the uptrend zone and it is above the centerline 50.
AUD/JPY Medium-term Trend: Ranging
On the 4-hour chart, the pair is in a sideways trend. Since June, AUD/JPY has not broken above level 75.00 for the past month. The bulls have attempted breaking the resistance but have been repelled on several occasions. The market will trend upward if the current resistance level is broken. The pair suffers a bearish reaction each time price tests the resistance zone.
4-hour Chart Indicators Reading
The AUD/JPY pair is currently below 80% range of the daily stochastic. It implies that the index is in a bearish momentum. The momentum has subsided as the market moves up again.
General Outlook for AUD/JPY
The AUD/JPY pair is not trending at the moment. The price is in a sideways move. The upward move is restricted below level 75.00. The sideways move will continue if the price fails to break the current resistance.
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