AUD/JPY Is in an Upward Move but May Face Rejection at Level 76.84

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 currently rising and approaching a resistance level at 76.78. It will be making a downward move after being resisted. On July 22, an uptrend reached a high of 76.87 and was repelled. Thereafter the pair continue its downward move.

Daily Chart Indicators Reading:
The 21-day SMA and the 50-day SMA are sloping upward indicating the upward move. The pair has risen to level 64 of the Relative Strength Index period 14. The price is in the uptrend zone but above the centerline 50.

AUD/JPY Medium-term Trend: Ranging
On the 4-hour chart, the pair is fluctuating but will rise to level 76.84 before resuming a downward move. A red candle body tested the 0.786 Fibonacci retracement level. It indicates that the price will rise to the level 1.272 Fibonacci extension level. At this level 1.272, price will reverse and return to 0.786 retracement level where it originated.

4-hour Chart Indicators Reading
The AUD/JPY pair is currently above 80% range of the daily stochastic. It indicates a bullish momentum and price is approaching the overbought region. The price action is indicating a bullish signal. The SMAs are sloping upward indicating the uptrend.

General Outlook for AUD/JPY
The AUD/JPY pair is making a short upward move. According to the Fibonacci tool, the market will reach level 1.272 and reverse. In other words, price may reverse at the high of level 76.84. A short trade(sell limit) will be initiated instead of a long trade.


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