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 is in a downward move. The downtrend is likely to continue as price rises to the overbought region of the market. The market has earlier been rejected at level 84.00. Meanwhile, on June 21 downtrend; 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 77.36.
Daily Chart Indicators Reading:
The pair has fallen to level 43 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 is still falling. The pair is correcting upward to the previous highs. The price action is indicating an overbought condition of the market. Meanwhile, on June 30 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 80.54.
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 still correcting upward as it reaches the overbought region of the market. The uptrend is likely to faced rejection at level 83.50. According to the Fibonacci tool, the market will decline to level 2.618 Fibonacci extension or level 80.54.
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