AUD/JPY Continues Upward Move, May Reverse at Level 82.44

AUD/JPY Continues Upward Move, May Reverse at Level 82.44

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 is now in an upward move. The pair is rising above level 79.00. On January 8 uptrend, a retraced candle body tested the 78.6% Fibonacci retracement level. The retracement indicates that the pair will rise and reverse at level 1.272 Fibonacci level. That is the high of 82.44.

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 60 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. The SMAs are sloping upward indicating the upward.

General Outlook for AUD/JPY
The AUD/JPY pair is trading now in the overbought region. According to the Fibonacci tool, the market will reach a high of 1.272 or 82.31 and reverse.



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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.