AUD/JPY Rebounds at Level 76.50, Targets Level 83.35

AUD/JPY Rebounds at Level 76.50, Targets Level 83.35

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. On August 31 uptrend, the last retraced candle body tested the 38.2% Fibonacci retracement level. It indicates that the pair will rise and reach the 2.618 Fibonacci extension level. That is, it will reach a high of level 83.35.

AUD/JPY – Daily Chart

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 57 of the Relative Strength Index period 14. The price is in the uptrend zone and above the centerline 50.

AUD/JPY Medium-term Trend: Bullish
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.

AUD/JPY – 4 Hour Chart

4-hour Chart Indicators Reading
The AUD/JPY pair is currently above the 70% 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 an upward move. According to the Fibonacci tool, the market will rise and reached a high of 2.618 Fibonacci extensions. That is the high level of 83.35.

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