AUD/JPY Resumes Uptrend, Battles Resistance at Level 75.67
Login

AUD/JPY Resumes Uptrend, Battles Resistance at Level 75.67

Estimated Reading Time: 2 minutes
Article Rating:
Based on 1 vote
Login to rate this article.

Azeez Mustapha

Updated:

Key Resistance Zones: 74.000, 76.000, 78.000
Key Support Zones: 66.000, 64.000, 62.000

AUD/JPY Long-term Trend: Bullish
AUD/JPY is in an uptrend. The pair was earlier in a bearish trend. The market terminated at level 62.000 and the current upward move resumed. A correction candle tested the 0.236 Fibonacci retracement level. This candlestick indicates that the pair will rise and reach a high of 4.236 Fibonacci extension level. However, the first target price will be at the 1.272 extension level. Nonetheless, the pair will now gradually move from the levels to 4.236 extensional level.

AUD/JPY – Daily Chart

Daily Chart Indicators Reading:
Presently, the pair has risen to level 76 of the Relative Strength Index period 14. This implies that AUD/JPY has reached the overbought region of the market. Sellers may emerge to push prices down. Later the uptrend will resume. It is in an uptrend zone and above the centerline 50. The 21-day SMA and the 50-day SMA are sloping upward indicating the uptrend.

AUD/JPY Medium-term Trend: Bullish
On the 4- hour chart, the currency pair is in an uptrend. A trend line is drawn showing the support levels of price. The market has risen to level 75.67 before forming a bearish double top pattern. This formation is contributing to the downtrend.

AUD/JPY – 4 Hour Chart

4-hour Chart Indicators Reading
The market is presently above 80 % range of the daily stochastic. The stochastic bands are making a U-turn and pointing downward indicating the current fall. This implies that price is in a bearish momentum.

General Outlook for  AUD/JPY
The currency pair is an upward move but it is currently facing resistance at level 75.67. After the retracement, the market will resume an upward move.



Note: Learn2.Trade is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results


  • Broker
  • Benefits
  • Min Deposit
  • Score
  • Visit Broker
  • Award-winning Cryptocurrency trading platform
  • $100 minimum deposit,
  • FCA & Cysec regulated
$100 Min Deposit
9.8
  • 20% welcome bonus of upto $10,000
  • Minimum deposit $100
  • Verify your account before the bonus is credited
$100 Min Deposit
9
  • Over 100 different financial products
  • Invest from as little as $10
  • Same-day withdrawal is possible
$250 Min Deposit
9.8
  • The Lowest Trading Costs
  • 50% Welcome Bonus
  • Award-winning 24 Hour Support
$50 Min Deposit
9
  • Fund Moneta Markets account with a minimum of $250
  • Opt in using the form to claim your 50% deposit bonus
$250 Min Deposit
9

Learn to Trade

Never Miss A Trade Again

step 1
Signal Notification

Real-time signal notifications whenever a signal is opened, closes or Updated

step 2
Get Alerts

Immediate alerts to your email and mobile phone.

step 3
Entry Price Levels

Entry price level for every signal Just choose one of our Top Brokers in the list above to get all this free.

Share with other traders!

telegram
Telegram
forex
Forex
crypto
Crypto
algo
Algo
news
News