AUD/JPY Now Consolidates Between Levels 79.40 and 81.00

AUD/JPY Now Consolidates Between Levels 79.40 and 81.00

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
Since January 8, AUD/JPY has been trading below level 81.00 resistances The price has been consolidating between levels 79.40 and 81.00. The pair is rising to retest the resistance at level 81.00. A break above the resistance level will propel the price to rise. Otherwise, a downward move will resume.

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 57 of the Relative Strength Index period 14. This indicates that the Yen is in the uptrend zone and above the centerline 50.


AUD/JPY Medium-term Trend: Bullish
On the 4-hour chart, the pair has been in an upward move. On February 4 uptrend; a retraced candle body tested the 78.6% Fibonacci retracement level. The Yen is likely to rise and reverse at level 1.272 Fibonacci extensions or the high of level 80.43.

AUD/JPV – 4 Hour Chart

4-hour Chart Indicators Reading
The AUD/JPY pair is currently above the 80% range of the daily stochastic. It indicates that the pair is in bullish momentum. Also, the pair has reached the overbought region. Later, sellers will emerge to push prices down. The SMAs are sloping horizontally indicating the sideways move.

General Outlook for AUD/JPY
The AUD/JPY has been in an uptrend since November 2020. Presently, the pair is consolidating between levels 79.40 and 81.00. The uptrend will resume when the resistance is broken. The pair is said to reach the overbought region.


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Author : Azeez Mustapha

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Azeez Mustapha is an experienced author, trader, markets analyst, signals strategist, and funds-manager.