AUD/JPY Faces Rejection at Level 77.00, a Downward Move Is 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 now in an upward move. The pair is currently facing resistance at level 77.0. On November 9, a retraced candle body tested the 61.8% Fibonacci retracement level. This retracement indicates that the pair is likely to rise to level 1.618 Fibonacci extensions. That is a high of 79.55.

Daily Chart Indicators Reading:
The 21-day SMA and the 50-day SMA are sloping upward indicating the upward move. The pair has risen to level 61 of the Relative Strength Index period 14. This indicates that the Yen is in the uptrend zone and above the centerline 50.

AUD/JPY Medium-term Trend: Bullish
On the 4-hour chart, the pair is in an upward move. On November 24 uptrend; a retraced candle body tested the 78.6% Fibonacci retracement level. This implies that the pair is likely to rise and reverse at level 1.272 Fibonacci extensions. That is the high of level 77.48. The implication is that the current uptrend may be short-lived.

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 a bullish momentum. The Yen has fallen to an overbought region of the market. There is a likelihood of sellers emerging in the overbought region.

General Outlook for AUD/JPY
The AUD/JPY pair has been in an upward move. Bullish signals are indicating the upward movement of the pair. However, according to the Fibonacci tool analysis, the market will rise and reverse at the 1.272 Fibonacci extensions. That is the high of level 77.48.


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