AUD/JPY Exhausts Selling Pressure, Uptrend Likely

AUD/JPY Exhausts Selling Pressure, Uptrend Likely

Key Resistance Levels: 74.00, 76.00, 78.00
Key Support Levels: 58.00, 60.00, 62.00

AUD/JPY Price Long-term Trend: Bearish
The AUD/JPY pair is currently trading in an uptrend. It was earlier in a downtrend. On August 31 uptrend, the last retraced candle body tested the 38.2% Fibonacci retracement level. It indicates that the pair will rise and reach the 2.618 Fibonacci extension level. That is, it will reach a high of level 83.35.

AUD/JPY – Daily Chart

Daily Chart Indicators Reading:
The 21-day SMA and the 50-day SMA are sloping upward indicating the uptrend. The pair has fallen to level 43 of the Relative Strength Index period 14. The price is in the uptrend zone and below the centerline 50.

AUD/JPY Medium-term Trend: Bearish
On the 4-hour chart, the pair is in a bearish trend. A green candle tested the 61.8 % Fibonacci retracement level. It indicates that the pair will reach level 1.618 Fibonacci retracement level. The market has reached that level and has reversed.

AUDJPY -4 Hour Chart

4-hour Chart Indicators Reading
The AUD/JPY pair is currently below the 20% range of the daily stochastic. It indicates a bearish momentum but the price has reached the oversold region. The implication is that buyers are likely to emerge to push prices up.

General Outlook for AUD/JPY
The AUD/JPY pair was earlier in a downtrend. The selling pressure may have been exhausted. Buyers are likely to emerge. According to the Fibonacci tool, the market will rise and reached a high of 2.618 Fibonacci extensions. That is the high level of 83.35.

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Author : Azeez Mustapha


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