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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 as price reaches the low of level 80.17. The bearish momentum is likely to continue on the downside as the pair faces rejection after a retracement. 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 77.28. From the price action, the pair has fallen and reached the low of level 80.14.
Daily Chart Indicators Reading:
The pair has fallen to level 25 of the Relative Strength Index period 14. It indicates that the pair is now in the oversold region of the market. It implies that the selling pressure is likely to run to an end. We will now be looking into the emergence of buyers in the oversold region of the market. The 21-day SMA and the 50-day SMA are sloping southward indicating the downward move.
AUD/JPY Medium-term Trend: Bearish
On the 4-hour chart, the currency pair is sloping southward. The 21-day SMA is acting as resistance to the pair. Meanwhile, on July 8 downtrend, 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 78.09.
4-hour Chart Indicators Reading
The pair is below the 20% range of the daily stochastic. It indicates that the pair is in the oversold region. Buyers are likely to emerge in the oversold region. The SMAs are sloping southward indicating the downtrend.
General Outlook for AUD/JPY
AUD/JPY pair is in a downward move. According to the Fibonacci tool, the market will decline to level 2.618 Fibonacci extension . That is either level 77.28 or 78.09. The market has reached the oversold region. The currency pair is likely to fall at the end of the Fibonacci extension.
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