AUD/JPY Is in an Uptrend, Faces Resistance at Level 70.000

AUD/JPY Is in an Uptrend, Faces Resistance at Level 70.000

Key Resistance Levels: 74.000, 76.000, 78.000
Key Support Levels: 58.000, 60.000, 62.000

AUD/JPY Price Long-term Trend: Bullish
In April, the AUD/JPY pair was in a bull market. In March, the market fell to level 61.679. The pair resumed upward move. In its first upward move, price was resisted by the 21-day SMA at level 66.642. After a pullback, the bulls resumed upward move to break 21-day SMA. The uptrend reached another high of level 69.262 and was resisted by 50-day SMA. The price retraced and later broke the 50-day SMA.

AUD/JPY – Daily Chart

Daily Chart Indicators Reading:
The market has risen to level 62 of the Relative Strength Index period 14. The price is in the uptrend zone and above the centerline 50. The SMAs are the point of a bullish crossover.

AUD/JPY Medium-term Trend: Bullish
On the 4-hour chart, the pair is in an ascending channel. The market is currently above level 69.000. The pair is presently trading at level 69.945. The upward move is being resisted at level 69.945. A bull candle is currently testing to break the resistance level.

AUD/JPY – 4 HourChart

4-hour Chart Indicators Reading
The Yen is currently below 80% range of the daily stochastic. This implies that the market is in a bearish momentum. This is in contradiction to the price action which is showing bullish signals. The SMAs are sloping upward indicating an uptrend.

General Outlook for AUD/JPY
The market is in an upward move but faces resistance at level 69.945. The Relative Strength Index period 14 is indicating an upward move of the coin. In the lower time frame, the market is making a series of higher highs and  higher lows.

 Note: Learn2Trade.com 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

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Author : Azeez Mustapha

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