AUD/JPY Is Range-Bound below Level 85.50 Resistance

8 June 2021 | Updated: 9 June 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: Ranging
AUD/JPY currency pair was earlier in an uptrend. The uptrend was terminated in February as the pair resumed a sideways move below the level 85.50. Since February, the currency pair has been in a sideways trend below the resistance at level 85.50. In the meantime, the currency pair is fluctuating between levels 84.00 and 84.50.

AUD/JPY – Daily Chart

Daily Chart Indicators Reading:
The pair has fallen to level 52 of the Relative Strength Index period 14. It indicates that the pair is in the uptrend zone and above centerline 50. The 21-day SMA and the 50-day SMA are sloping upward indicating an uptrend.

AUD/JPY Medium-term Trend: Bullish
On the 4-hour chart, the currency pair is in a sideways move below level $85.50. The market has been fluctuating between levels $84 and $85.50. The price is fluctuating below and above the moving averages. The pair will rise when price is above the moving averages.

AUD/JPY -4 Hour Chart

4-hour Chart Indicators Reading
The market is below the 80% range of the daily stochastic. It indicates that the pair is in a bearish momentum. The SMAs are sloping horizontally indicating the sideways trend.

General Outlook for AUD/JPY
AUD/JPY pair is in a sideways trend. Since February, the market has been fluctuating below the $85.50 resistance level. Presently, the currency pair is consolidating above level 84.00. The currency pair is expected to rise and retest
level 85.50.

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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.