AUD/JPY Is in an Uptrend, Faces Strong Resistance at Level 85.00

15 March 2021 | Updated: 15 March 2021

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 is in an uptrend. The upward move is facing rejection at level 85.00. In February, the uptrend was resisted as price plunged to $82.00. Today, the price is fluctuating below level 85.00 as bulls fail to break the resistance level. On February 25 uptrend; a retraced candle body tested the 50% Fibonacci retracement level. The retracement indicates that the market will rise to level 2.0 Fibonacci extension or the high of level 90.36.

AUD/JPY – Daily Chart

Daily Chart Indicators Reading:
The 21-day SMA and the 50-day SMA are sloping upward but the upward move has been interrupted. The pair is in a sideways move. On March 11 uptrend; a retraced candle body tested the 78.6% Fibonacci retracement level. The retracement indicates that the pair will rise to level 1.272 Fibonacci extension level or the high of level 85.05 and reverse.

AUD/JPY – 4 Hour Chart

4-hour Chart Indicators Reading
The AUD/JPY pair is above the 80% range of the daily stochastic. It indicates that the market is in the overbought region. The SMAs are sloping upward indicating the uptrend.

General Outlook for AUD/JPY
The AUD/JPY uptrend is finding penetration difficult at level 85.00. The level has remained unbroken since February 24. According to the Fibonacci tool, the market will reach a high of level 85.05 and reverse.

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Azeez Mustapha

Azeez Mustapha is a trading professional, currency analyst, signals strategist, and funds manager with over ten years of experience within the financial field. As a blogger and finance author, he helps investors understand complex financial concepts, improve their investing skills, and learn how to manage their money.