AUD/JPY Resumes Uptrend, Attempts to Break Level 75.00

AUD/JPY Resumes Uptrend, Attempts to Break Level 75.00

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 still in an upward move. A correction candle body tested the 0.382 Fibonacci retracement level. It indicates that the pair will rise and reach a high of level 2.618. The AUD/JPY will first rise to its first target at the 1.618 Fibonacci extension level. That is level 80.00 high. The second target will be at the 2.618 Fibonacci extension level.

AUD/JPY – Daily Chart

Daily Chart Indicators Reading:
The moving averages have made a bullish crossover. The 21-day SMA crosses over the 50-day SMA. The pair has risen to level 62 of the Relative Strength Index period 14. The market is in the uptrend zone and it is above the centerline 50.

AUD/JPY Medium-term Trend: Bullish
On the 4-hour chart, the pair is in an uptrend. A trend line is drawn showing the support levels of price. The pair is approaching a resistance zone. The price will rise if the current resistance is broken. The resistance at 75.00 has been tested on more than two occasions.

AUD/JPY – 4 Hour Chart

4-hour Chart Indicators Reading
The AUD/JPY pair is currently above 70% range of the daily stochastic. It implies that the index is approaching the overbought region of the market. Sellers are likely to emerge to push prices downward.

General Outlook for AUD/JPY
The AUD/JPY pair is rising but approaches the overbought region of the market. The upward move may be hindered at level 75.00 resistance zone. The uptrend will resume as soon as the resistance level is breached.

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Author : Azeez Mustapha


Azeez Mustapha is an experienced author, trader, markets analyst, signals strategist, and funds-manager.