AUD/JPY Faces Rejection at Level 78.00, Resumes Downtrend

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 currently trading in an uptrend. The price is currently facing rejection at level 78.00. The Yen is currently making a downward move. It is not clear the extend of the downward move.

Daily Chart Indicators Reading:
The 21-day SMA and the 50-day SMA are sloping upward indicating the uptrend. The pair has fallen to level 60 of the Relative Strength Index period 14. The price is in the uptrend zone and above the centerline 50.

AUD/JPY Medium-term Trend: Bearish
On the 4-hour chart, the pair is in a bearish trend. A green candle body tested the 78.6 % Fibonacci retracement level. The pair will reach the 1.272 Fibonacci retracement level. Thereafter, the pair will rise to the 78.6 % retracement level where it originated. The market has reached its target but we await its reversal.

4-hour Chart Indicators Reading
The AUD/JPY pair is currently below the 20% range of the daily stochastic. It indicates a bullish momentum but the price has reached the overbought region. The implication is that sellers are likely to emerge to push prices down.


General Outlook for AUD/JPY
The AUD/JPY pair is on a downward move. The price fell after facing rejection at level 78.00. the Yen has already fallen to the oversold region. Buyers are likely to emerge in the oversold region.




Note: Learn2.Trade is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results