AUD/JPY Makes a Series of Higher Highs and High Lows, May Reach Level 77.35

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 fell to level 73.50 and began resumption of upward move. On October 1 uptrend, a retraced candle body tested the 50% Fibonacci retracement level. This retracement indicates that the pair will rise and reach 2.0 Fibonacci extension, which is the high of 78.72.

Daily Chart Indicators Reading:
The 21-day SMA and the 50-day SMA are sloping sideways indicating the sideways move. The pair has risen to level 50 of the Relative Strength Index period 14. This indicates that there is a balance between supply and demand.

AUD/JPY Medium-term Trend: Bullish
On the 4-hour chart, the pair is in an upward move. The price is making a series of higher highs and higher lows. On November 3 uptrend; a retraced candle body tested the 50% Fibonacci retracement level. This indicates that the price will rise to level 2.0 Fibonacci retracement level.

4-hour Chart Indicators Reading
The AUD/JPY pair is currently below the 80% range of the daily stochastic but the stochastic bands are sloping horizontally. It indicates that the pair is in a sideways move. The Yen is likely to rise.

General Outlook for AUD/JPY
The AUD/JPY pair is in an upward move but the price is making a series of higher highs and higher lows. According to the Fibonacci tool analysis, the market will to level 2.0 of Fibonacci extension. That is the high of level 77.35.


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