AUD/JPY Is Stuck below Level 85.50, Uptrend Is Unlikely

15 June 2021 | Updated: 15 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 is in a sideways trend. The pair is currently fluctuating in a tight range between levels 84.00 and 85.50. The current range-bound move is characterized by small bodies of candlesticks called Doji Spinning tops. These candlesticks are indicating that buyers and sellers are unaware of the direction of the market.

AUD/JPY – Daily Chart

Daily Chart Indicators Reading:
The pair has fallen to level 55 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 pair is now fluctuating between levels 84.40 and 85.00. The currency pair 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 above the 75% range of the daily stochastic. It indicates that the pair is in a bullish momentum. The SMAs are sloping horizontally indicating the sideways trend.

General Outlook for AUD/JPY
AUD/JPY pair is in a sideways trend. The pair is rising toward level 85.50. A break above the resistance level will mean the resumption of an uptrend. If the upward move is resisted, it indicates that the pair will continue to be range-bound for a few more days.

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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.