AUD/JPY Is in the Oversold Region, Retests Level 76.67

Key Resistance Levels: 74.00, 76.00, 78.00
Key Support Levels: 58.00, 60.00, 62.00

AUD/JPY Price Long-term Trend: Ranging
The AUD/JPY pair is currently trading in a sideways move between levels 77.50 and 72.50. The price is consolidating in the middle of the price range. The price action is characterized by small body candlesticks called Doji and Spinning tops.

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 54 of the Relative Strength Index period 14. The price is in the uptrend zone but above the centerline 50.

AUD/JPY Medium-term Trend: Bullish
On the 4-hour chart, the pair fell to level 75.70 and it is making an upward move. It is approaching the resistance line of the ascending channel. A break above the resistance line will propel price to move upward. The index is expected to reach a high of level 77.67.

4-hour Chart Indicators Reading
The AUD/JPY pair is currently below 20% range of the daily stochastic. It indicates a bearish momentum and price is approaching the oversold region. The price action is indicating a bullish signal. The SMAs are sloping upward indicating the uptrend.

General Outlook for AUD/JPY
The AUD/JPY pair is rising to retest the resistance line. If price fails to break the resistance line, the sideways move will continue. The target price is expected at level 76.67



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