AUD/JPY Fluctuates Above Level 80.00, May Retest Level 82.19

AUD/JPY Fluctuates Above Level 80.00, May Retest Level 82.19

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
AUD/JPY pair is now in an upward move. Presently, the pair tested level 81.00 resistance zone and fell to level 80.00 support. The Yen is consolidating above the current support for a possible upward move. If the price breaks level 81.00 resistance levels, the upward move will resume.

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 67 of the Relative Strength Index period 14. This indicates that the Yen is in the uptrend zone and above the centerline 50. The Yen has room to continue the upward move.

AUD/JPY Medium-term Trend: Bullish
On the 4-hour chart, the pair is in an upward move. On January 8 uptrend; a retraced candle body tested the 61.8% Fibonacci retracement level. The pair is likely to rise to level 1.618 Fibonacci extensions. That is a high of 82.19.

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 was retracing earlier today to level 80.00. The market is moving upward after the retracement. The pair will reach a high of level 82.19 if the current resistance is reached.



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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.