AUD/JPY Pushes on the Upside, Targets Level 85.00 High

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

AUD/JPY Price Long-term Trend: Bearish
AUD/JPY currency pair fell to level 82.40 after rejection from the level 85.00 overhead resistance. The market is resuming upward to retest the overhead resistance. Meanwhile, on June 25 uptrend; a retraced candle body tested the 38.2% Fibonacci retracement level. The retracement indicates that the pair will fall to level 2.618 Fibonacci extension or level 87.53.

Daily Chart Indicators Reading:
The pair has fallen to level 45 of the Relative Strength Index period 14. It indicates that the pair is in the downtrend zone and below centerline 50. The 21-day SMA and the 50-day SMA are sloping horizontally indicating the sideways move.

AUD/JPY Medium-term Trend: Bullish
On the 4-hour chart, the currency pair has resumed its downward move. On June 25, the pair was resisted as the market declined to level 82.80. The pair has resumed a fresh uptrend but the market is approaching the overbought region. Meanwhile, on July 1 uptrend, a retraced candle body tested the 38.2% Fibonacci retracement level. The retracement indicates that the currency pair will fall to level 2.618 Fibonacci extension or level 85.03.

4-hour Chart Indicators Reading
The market is above the 80% range of the daily stochastic. It indicates that the pair is in the overbought region. Sellers are likely to emerge in the overbought region. The SMAs are sloping southward indicating the downtrend.

General Outlook for AUD/JPY
AUD/JPY pair is making an upward move. The uptrend is likely to faced rejection at level 85,00. AUD/JPY pair is falling after facing rejection at level 84.16.


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