Key Resistance Levels: 74.00, 76.00, 78.00
Key Support Levels: 58.00, 60.00, 62.00
AUD/JPY Price Long-term Trend: Bullish
The AUD/JPY pair is on a sideways trend. The pair has rebounded as the market resumed an upward movement. AUD/JPY is rising and approaching level 77.00. The uptrend will continue if price breaks the resistance at level 76.82.
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 sloping upward. The pair has risen to level 72 of the Relative Strength Index period 14. The pair has reached the overbought region of the market.
AUD/JPY Medium-term Trend: Bullish
On the 4-hour chart, price has broken the sideways trend and move up to level 76.86. It retraced to level 76.50 and resumed another uptrend. A correction candle body tested the 0.886 Fibonacci retracement level. It indicates that the pair will rise and reach level 1.129 Fibonacci extension level. It indicates that the market will reach a high of level 77.00.
4-hour Chart Indicators Reading
The AUD/JPY pair is currently above 80% range of the daily stochastic. The pair has been in the overbought region since July 20. Sellers have emerged but price is rising in the overbought region. The SMAs are sloping upward indicating the uptrend.
General Outlook for AUD/JPY
The AUD/JPY pair is now in an upward move. The previous sideways move has been broken since July 20. The uptrend was interrupted but the pair retraced to a fresh uptrend.
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