AUD/JPY Surges Ahead, Attempts to Breach Level 70.000

Estimated Reading Time: 2 minutes

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Azeez Mustapha

Updated: 13 October 2022

Key Resistance Levels: 74.000, 76.000, 78.000
Key Support Levels: 58.000, 60.000, 62.000

AUD/JPY Price Long-term Trend: Bullish
The AUD/JPY pair is in an upward move. The market has already fallen to level 62.000 before the commencement of the upward move. The price is making a series of higher highs and higher lows. The uptrend was resisted at level 70.000. The price retraced to 67.860 and resumed upward. The price is likely to retest level 70.000 or break above it.

Daily Chart Indicators Reading:
The 21-day SMA is the support level for the pair. The market fell to level 53 of the Relative Strength Index period 14. The price is in the uptrend zone and above the center line 50. In SMAs are having a bullish crossover as the 21-day SMA crosses over 50-day SMA.

AUD/JPY Medium-term Trend: Bullish
On the 4-hour chart, the pair is in an ascending channel. In the previous trend, the market was resisted at level 70.000, and the price fell to level 68.000 twice before the resumption of the uptrend.

4-hour Chart Indicators Reading
The Yen is currently above 60% range of the daily stochastic. This implies that the market is in a bullish momentum. The SMAs are sloping upward indicating an uptrend.

General Outlook for AUD/JPY
The pair is now in an upward move. Buyers may likely retest the previous resistance at level 70.000. A break above this resistance will push the pair to level 74.000. All the indicators are showing bullish signals.

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