AUD/JPY Fluctuates Above Level 73.0, May Resume Downward

AUD/JPY Fluctuates Above Level 73.0, May Resume Downward

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 fluctuating after falling to level 73.39. Previously, the market has been on a sideways move. The current upward move is likely to reach level 76.

AUD/JPY – Daily Chart

Daily Chart Indicators Reading:
The 21-day SMA and the 50-day SMA are sloping sideways indicating the sideways move. The pair has fallen to level 36 of the Relative Strength Index period 14. This indicates that it is in the downtrend zone and below the centerline 50. Besides, it is approaching the oversold region of the market.


AUD/JPY Medium-term Trend: Bearish
On the 4-hour chart, the pair is in a downward move. On October 28 downtrend; a retraced candle body tested the 78.6 % Fibonacci retracement level. This implies that the Yen will fall to level 1.272 Fibonacci extension. That is level 73.05. At this level, the market is expected to reverse.

AUD/JPY – 1 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 bearish momentum. The Yen is likely to fall. The SMAs are sloping downward ward indicating the downtrend.


General Outlook for AUD/JPY
The AUD/JPY pair is in an upward move but it is fluctuating above level 73.0. Prices are likely to fall because the pair is in an overbought region. According to the Fibonacci tool, the Yen will fall and reach the low of level 73.05.



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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.