AUD/JPY Reaches the Overbought Region, May Likely Reverse at Level 80.82

AUD/JPY Reaches the Overbought Region, May Likely Reverse at Level 80.82

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 pair has risen to level 80.65. On December 31 uptrend, a retraced candle body tested the 61.8% Fibonacci retracement level. The retracement indicates that the pair is likely to rise to1.618 Fibonacci extension. That is high of level 80.82.

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 73 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 is consolidating below the resistance at level 80.60. On January 6 uptrend; a retraced candle body tested the 78.6% Fibonacci retracement level. The pair is likely to rise to1.272 Fibonacci extension. That is a high of 80.82.

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. The SMAs are sloping upward.

General Outlook for AUD/JPY
The AUD/JPY pair is in a bullish momentum but the pair has reached the overbought region. According to the Fibonacci tool analysis, the pair will rise and reverse at level 80.82



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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.