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

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.

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 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.

AUD/JPY – Daily Chart

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.


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

  • Broker
  • Benefits
  • Min Deposit
  • Score
  • Visit Broker
  • Over 100 different financial products
  • Invest from as little as $10
  • Same-day withdrawal is possible
$100 Min Deposit
9.8
$100 Min Deposit
9.8
  • Trade top Cryptos such as Bitcoin, Litecoin and Ethereum plus more
  • Zero commissions and no bank fees on transactions
  • Around the clock service with support in 14 languages
$100 Min Deposit
8.5
  • Award-winning Cryptocurrency trading platform
  • 14 Cryptoassets available to invest in
  • FCA & Cysec regulated
$200 Min Deposit
9.8
  • 20% welcome bonus of upto $10,000
  • Minimum deposit $100
  • Verify your account before the bonus is credited
$100 Min Deposit
9
Share with other traders!

Author : Azeez Mustapha

Avatar

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