AUD/JPY Retraces After Rejection at 77.03, Upward Move Likely

AUD/JPY Retraces After Rejection at 77.03, Upward Move Likely

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 in an upward move. The Yen is in a sideways move after being resisted at level 77.03. On November 9 uptrend; a retraced candle body tested the 78.6% Fibonacci retracement level. It indicates that the Yen will rise but will reverse at level 1.272 Fibonacci level. That is the market will reverse at level 77.78.

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 62 of the Relative Strength Index period 14. This indicates that Yen is in the uptrend zone and above the centerline 50.

AUD/JPY Medium-term Trend: Bullish
On the 3-hour chart, the pair is in an upward move. The pair is presently in a sideways move after resistance at level 77.03. On November 9 uptrend; a retraced candle body tested the 61.8% Fibonacci retracement level. This indicates that the price will rise to the level 1.618 Fibonacci retracement level. That is the high of level 78.02.

AUD/JPY – 3 Hour Chart

4-hour Chart Indicators Reading
The AUD/JPY pair is currently below the 40% range of the daily stochastic. It indicates that the pair is in a bearish momentum. The Yen is likely to fall.

General Outlook for AUD/JPY
The AUD/JPY pair is in an upward move. The uptrend may continue after the retracement. According to the Fibonacci tool analysis, the market will rise to level 1.618 Fibonacci extension. That is the high of level 78.02.



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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.