AUD/JPY is in an Upward Move, Battles Resistance at level 69.000

AUD/JPY is in an Upward Move, Battles Resistance at level 69.000

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

AUD/JPY Price Long-term Trend: Bearish
The AUD/JPY pair is in a bear market. The price tested the high of level 76.000 twice before it fell to the low of level 61.679. At this price level, the pair reached the oversold region of the market. Buyers emerge to push prices upward. The market reached level 69.262 and was resisted by the 50-day SMA. The pair is trading now below level 69.262 resistances.

AUD/JPY – Daily Chart

Daily Chart Indicators Reading:
The pair is at level 55 of the Relative Strength Index period 14. The price is in the uptrend zone and above the centerline 50. The 21-day SMA is sloping upward providing support for the pair. The pair is also being resisted by the 50-day SMA.

AUD/JPY Medium-term Trend: Bullish
On the 4-hour chart, the market has been in an upward move after it fell to the recent low on March 18. The upward move has been truncated at the resistance of level 69.000. The bulls have tested the resistance at level 69.000 on more than five occasions without breaking it. The price breaks below the trend line and moves upward to retest the resistance at 69.000. The market will rally above 70.000 if price breaks above the resistance.

AUD/JPY – 4 Hour Chart

4-hour Chart Indicators Reading
The Yen is currently above 75% range of the daily stochastic. The market is in bullish momentum. The danger is that the market will soon reach the overbought region where prices will begin to fall. The moving averages are sloping upward indicating the upward trend.

General Outlook for AUD/JPY
The market is currently in an upward move but faces resistance at 69.000. The RSI and stochastic indicators are showing bullish signals indicating that the pair is rising. Unfortunately, the Yen is approaching the overbought region which will cause it to fall.

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.