AUD/JPY Has Reached the Overbought Region, Sellers Are Likely to Emerge

AUD/JPY Has Reached the Overbought Region, Sellers Are Likely to Emerge

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
The pair is now in an upward move. The price has broken the resistance at level 78.00. On December 17 uptrend, 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 80.26.

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 72 of the Relative Strength Index period 14. This indicates that the Yen is in the uptrend zone and above the centerline 50. The pair has reached the overbought region of the market.

AUD/JPY Medium-term Trend: Bullish
On the 4-hour chart, the pair is in an upward move. The pair has risen to level 89.69. The market will soon reach the overbought region of the market. The current uptrend may be terminated.

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 market has reached the 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 is in a bullish momentum. The indicators are pointing to the overbought condition of the pair. Sellers may emerge to push prices down.



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Author : Azeez Mustapha

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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.