AUD/JPY Is in an Uptrend, Battles Resistance at Level 76.00

AUD/JPY Is in an Uptrend, Battles Resistance at Level 76.00

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. The pair has already fallen to level 74.10 before the resumption of a fresh uptrend. On October 1 uptrend, the pair reached the high of level 76.05 but was resisted. The last retraced candle body tested the 50% Fibonacci retracement level. This indicates that the pair will rise to the 2.0 Fibonacci extension level. That is level 78.07.

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 48 of the Relative Strength Index period 14. This indicates that the pair 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. The pair have been battling to break the resistance at level 76.00. On October 5 uptrend, the Yen was resisted, the retraced candle body tested the 50% Fibonacci retracement. This indicates that the Yen will rise and reach the 2.0 Fibonacci extension. That is level 77.23.

AUD/JPY – 4 Hour Chart

4-hour Chart Indicators Reading
The AUD/JPY pair is currently above the 50% range of the daily stochastic. It indicates that the pair is in a bullish momentum. The SMAs are sloping upward indicating the uptrend.


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 once this resistance level is broken. According to the Fibonacci tool, the market will rise and reach a high of 2.0 Fibonacci extension level or a high of 78.07.



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

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