AUD/JPY Rebounds and Resumes Uptrend, Targets Level 82.88

AUD/JPY Rebounds and Resumes Uptrend, Targets Level 82.88

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 has resumed the uptrend. A red candle body tested the 38.2% Fibonacci retracement level. The pair will rise and reach the 2.618 extension. That is, the high of level 82.88.

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 49 of the Relative Strength Index period 14. This indicates that there is a balance between supply and demand. The price is in the downtrend zone and below the centerline 50.

AUD/JPY Medium-term Trend: Bullish
On the 4-hour chart, the pair is in an uptrend. A red candle body tested the 78.6% Fibonacci retracement. The pair will rise and reach the 1.272 extension. However, it will reverse and return to the 78.6% retracement where it originated. Later, it will resume the uptrend.

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 a bearish momentum. Sellers may emerge at the overbought region to push prices down. . However, in a trending market, the oversold or overbought conditions may not hold.

General Outlook for AUD/JPY
The AUD/JPY pair has resumed the uptrend. The coin is currently facing resistance at level 76.00. The uptrend will resume after minor resistance. According to the Fibonacci tool, the market will rise and reach a high of 2.618 Fibonacci extension level or the high of 82.88

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

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Author : Azeez Mustapha


Azeez Mustapha is an experienced author, trader, markets analyst, signals strategist, and funds-manager.