AUD/JPY Is Stuck Below the Resistance at Level 85.20

1 June 2021 | Updated: 1 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: Bullish
AUD/JPY currency pair has been trading below the resistance at level 85.20. Since February 24, the currency pair has been in a sideways move. All the price movements above the resistance pull back each time the market faces resistance. Today, the market is rising on the upside. Meanwhile, on April 29 uptrend; a retraced candle body tested the 61.8% Fibonacci retracement level. The retracement indicates that the market is likely to rise to level 1.618 Fibonacci extension or level 86.18.

AUD/JPY – Daily Chart

Daily Chart Indicators Reading:
The pair has fallen to level 56 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 horizontally.

AUD/JPY Medium-term Trend: Bullish
On the 4-hour chart, the currency pair is in a sideways move below level $85.20. On May 27, the pair rose and retested the resistance at level 85.20. This resulted in the decline of the currency pair. On May 28 uptrend a retraced candle body tested the 38.2% Fibonacci retracement level. The retracement indicates that the pair will rise to level 2.618 Fibonacci extension or level 86.35.

AUD/JPY – 4 Hour Chart

4-hour Chart Indicators Reading
The market is above the 40% 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 an uptrend. The market is rising on the upside to retest the resistance at level 85.20. The currency pair is expected to rise to level 2.618 Fibonacci extension or level 86.35.

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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.