AUD/JPY Has Continued Downtrend After a Retest at Level 76.50

AUD/JPY Has Continued Downtrend After a Retest at Level 76.50

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 in a downward ward move after retesting level 77.00 twice. After the breakdown, the pair retested level 76.50 and resumed the downward move. The selling pressure has continued on the downside.

AUD/JPY – Daily Chart

Daily Chart Indicators Reading:
The 21-day SMA and the 50-day SMA are sloping sideways indicating the sideways move. The pair has risen to level 52 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: Bearish
On the 4-hour chart, the pair is in a downward move. The pair has formed a bearish double pattern. On the downtrend of November 12, a retraced candle body tested the 50% Fibonacci retracement level. This indicates that the pair will fall and continue the downward move to level 2.0 Fibonacci extensions.

AUD/JPY – 4 Hour Chart

4-hour Chart Indicators Reading
The AUD/JPY pair is currently below the 20% range of the daily stochastic. It indicates that the pair is in a bearish momentum. The Yen has fallen to an oversold region of the market.

General Outlook for AUD/JPY
For the past week, the AUD/JPY pair has been downward move. According to the Fibonacci tool analysis, the market will fall to level 2.0 Fibonacci extensions. That is the high of level 74.52.



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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.