AUD/JPY Retraces to Level 82.00, Poises for a Fresh Uptrend

1 March 2021 | Updated: 1 March 2021

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 in an uptrend. The pair retraced to the low of level 81.97. Today, the price is resuming upward. On February 24 uptrend; a retraced candle body tested the 50% Fibonacci retracement level. The retracement indicates that the market will rise to level 2.0 Fibonacci extension or the high of level 90.50.

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 58 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 is in a smooth uptrend. The first uptrend was terminated at level 84.94. The pair fell to the low of level 81.98 and found support. The price has resumed an upward move and it is currently facing resistance.

AUD/JPY – 4 Hour Chart

4-hour Chart Indicators Reading
The AUD/JPY pair is below the 20% range of the daily stochastic. It indicates that the pair has fallen into the oversold region of the market. Buyers expected to emerge to push prices upward. The SMAs are sloping upward indicating the uptrend.

General Outlook for AUD/JPY
The AUD/JPY is making an upward move after the recent retracement. The current upward move is facing resistance at level 82.00. According to the Fibonacci tool, the market will reach the high of level 2.0 Fibonacci or level 90.50.

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Azeez Mustapha

Azeez Mustapha is a trading professional, currency analyst, signals strategist, and funds manager with over ten years of experience within the financial field. As a blogger and finance author, he helps investors understand complex financial concepts, improve their investing skills, and learn how to manage their money.