AUD/JPY Struggles to Break Resistance at Level 85.00, Uptrend Doubtful

22 March 2021 | Updated: 22 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 a sideways trend. The previous trend has been terminated at level 85 on February 25. The uptrend will resume if level 85.00 is breached. On March 18, a retraced candle body tested the 78.6% Fibonacci retracement level. The retracement indicates that the market will rise to level 1.272 Fibonacci extension or the high of level 86.36.

AUD/JPY – Daily Chart

Daily Chart Indicators Reading:
The moving averages are sloping upward indicating the previous trend. Despite the retracement, the pair has been trading above the moving averages. This is an indication of an upward movement of the currency pair. However, the pair will continue its downward move if price breaks below the moving averages. AUD/JPY is at level 59 of the Relative Strength Index period 14. It indicates that the pair is in the bullish trend zone.

AUD/JPY Medium-term Trend: Bullish
On the 4-hour chart, AUD/JPY has been in an uptrend. In the first uptrend, the currency pair was resisted at level 85.00 on February 25. On March 18, the resistance at level 85.00 was broken but the selling pressure pushed the price downward. AUD/JPY is trading at level 84.06 at the time of writing.

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. The SMAs are sloping upward indicating the uptrend.

General Outlook for AUD/JPY
The AUD/JPY pair has been trading below the currency pair since February 25. The upward move has been rejected twice at the overhead resistance. The retraced candlestick body on March 18 tested the 78.6% Fibonacci retracement level. The retracement implies that AUD/JPY will rise but will reverse at level 80.36.


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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.