AUD/JPY May Further Decline As Sellers Threaten To Breach Level 83.26

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
For the past month, AUD/JPY pair has been trading below level 84.50 resistance. The bulls have not been able to break the resistance at levels 84.50 and 85.00. On April 20, the bulls broke the resistance at 84.50 but could not sustain the bullish momentum.

Daily Chart Indicators Reading:
AUD/JPY pair has fallen to level 51 of the Relative Strength Index period 14. It indicates that there is a balance between supply and demand. The 21-day SMA and the 50-day SMA are sloping horizontally indicating the sideways trend.

AUD/JPY Medium-term Trend: Ranging
On the 4-hour chart, AUD/JPY fell to the low of level 83.26 and corrected upward. The upward correction was terminated as price fell to retest level 83.26. The market has risen again as the pair faces rejection at the recent high. Meanwhile, on April 21 downtrend; the retraced candle body tested the 61.8% Fibonacci retracement level. This retracement indicates that the market will fall to level 1.618 Fibonacci extension or the low of level 82.32.

4-hour Chart Indicators Reading
The AUD/JPY pair is above the 80% range of the daily stochastic. It indicates that the pair has reached the overbought region of the market. Sellers may emerge to push prices down. The SMAs are sloping horizontally indicating the previous trend.

General Outlook for AUD/JPY
AUD/JPY pair is likely to further decline because of the breakdown on April 20 and the subsequent corrections. Presently, the currency pair is falling after rejection at the recent high


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