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

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

Estimated Reading Time: 3 minutes
Article Rating:
Based on 1 vote
Login to rate this article.

Azeez Mustapha

Updated:

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.


You can purchase crypto coins here: Buy Coins

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