AUD/JPY Is in a Sideways Trend, Uptrend Likely

Key Resistance Zones: 74.000, 76.000, 78.000
Key Support Zones: 66.000, 64.000, 62.000

AUD/JPY Long-term Trend: Ranging
AUD/JPY pair is presently in a sideways trend. It resumed a sideways move after falling to the low above level 72. A correction candle body tested the 0.382 Fibonacci retracement level. It indicates that the pair will rise and reached a high of  2.618. However, the pair will reach the first target at level 1.618 Fibonacci retracement level.

Daily Chart Indicators Reading:
Presently, the pair has risen to level 55 of the Relative Strength Index period 14. It implies that AUD/JPY on an upward move above the centerline. The 21-day SMA and the 50-day SMA are sloping upward. It indicates the uptrend,.

AUD/JPY Medium-term Trend: Ranging
On the 4- hour chart, the price is fluctuating between level 73 and 75. The pair is rising and approaching the high of level 74. In recent times the upward move has been facing resistance at a level 74.

4-hour Chart Indicators Reading
The market is presently above 25 % range of the daily stochastic. This implies that the pair is in bullish momentum. The 21-day and 50-day SMA are sloping horizontally indicating the sideways trend. It has risen to level 73.724

General Outlook for Italy AUD/JPY
The currency pair is likely to make an upward  move after the sideways move. Presently, it is still consolidating above level 73 for a possible upward move.


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