AUD/JPY Resumes Upward Move, Targets Level 79.52

Azeez Mustapha
3 December 2020 | Updated: 3 December 2020

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

AUD/JPY Price Long-term Trend: Bullish
The AUD/JPY pair is now in an upward move. The pair has broken the resistance at level 77.0 and it is approaching the high of level 78.0. On November 9, a retraced candle body tested the 61.8% Fibonacci retracement level. This retracement indicates that the pair is likely to rise to level 1.618 Fibonacci extensions. That is a high of 79.52.

AUD/JPY – Daily Chart

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 65 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 is in an upward move. On November 24 uptrend; a retraced candle body tested the 78.6% Fibonacci retracement level. This implies that the pair is likely to rise and reverse at level 1.272 Fibonacci extensions. That is the high of level 77.48. The implication is that the current uptrend may be short-lived.

AUD/JPY – 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 a bullish momentum. The Yen has fallen to an overbought region of the market. There is a likelihood of sellers emerging in the overbought region.

General Outlook for AUD/JPY
The AUD/JPY pair has been in an upward move. The price action is indicating an upward movement of the pair. However, according to the Fibonacci tool analysis, the market will rise and reach level of 1.618 Fibonacci extensions. That is the high of level 79.52.

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Azeez Mustapha

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.