AUD/JPY Resumes Upward Move but Faces Rejection at Level 81.00

AUD/JPY Resumes Upward Move but Faces Rejection at Level 81.00

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

AUD/JPY Price Long-term Trend: Bullish
AUD/JPY is now in an upward move. Since January 8, the pair has not been able to break the resistance at 81.00. The Yen has been trading below the resistance level. With each attempt at the resistance, the price would fall to the previous low. Today, the pair has fallen to the low at level 79.20 and it is resuming upward.

AUD/JPY – Daily Chart

Daily Chart Indicators Reading:
The 21-day SMA and the 50-day SMA are sloping upward indicating the upward move. The pair has risen to level 52 of the Relative Strength Index period 14. This indicates that the Yen is in the uptrend zone and above the centerline 50.

AUD/JPY Medium-term Trend: Bullish
On the 4-hour chart, the pair has been in a sideways move. On January 28 downtrend; a retraced candle body tested the 78.6% Fibonacci retracement level. The Yen is likely to fall and reverse at level 1.272 Fibonacci extensions. However, from the price action, the market has a reversed. We expect a bullish movement of the pair.

AUD/JPY – 4 Hour Chart

4-hour Chart Indicators Reading
The AUD/JPY pair is currently above the 20% range of the daily stochastic. It indicates that the pair is in bullish momentum. The SMAs are sloping horizontally indicating the sideways move.

General Outlook for AUD/JPY
The AUD/JPY has been in an uptrend since November 2020. The current uptrend is facing rejection at level 81.00. Since January, the pair has been fluctuating between levels 79.00 and 81.000. On the upside, if the price breaks the current resistance the Yen will resume an upward move.



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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.