Annual Forecast for AUD/JPY (2021): AUD/JPY May Rise on the Upside

Annual Forecast for AUD/JPY (2021): AUD/JPY May Rise on the Upside

Key Resistance Levels: 78.00, 80.00, 82.00
Key Support Levels: 58.00, 60.00, 62.00

In 2020, the AUD/JPY pair has been in an uptrend. In the first quarter, the pair plunged to level 59.86 low. Immediately the bulls buy the dips as price resumed an upward move. The uptrend commenced in April and was terminated in August because of the resistance at level 78.00. The resistance could not be broken in August as the market resumed a downward move in September and October. The upward move resumed in November and December but the resistance at level 78.00 is yet to be broken.

AUD/JPY – Monthly Chart

AUD/JPY Price Prediction: Monthly Chart
The currency pair has been in a downward move since 2017. The downtrend extended to the first quarter of 2020, In March the candlestick is having a long tail. The long tail is indicating that there is strong buying pressure at a lower price level. This signals the resumption of the uptrend.

AUD/JPY Price Prediction: Weekly Chart
In the weekly chart, the pair is making an upward move. The upward move is facing resistance at level 78.00 price level. If the price breaks above the SMAs, the current resistance can be breached.

AUD/JPY – Weekly Chart

Conclusion
The AUD/JPY is in an upward move. The price is hovering around level 78.71 in December 2020. In January 2021, the uptrend is likely to continue. It is estimated that the market price will rise from level 78.89 to 82.14.

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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.