AUDJPY Unable to Sustain Uptrend, Battles Resistance at Level 72

AUDJPY Unable to Sustain Uptrend, Battles Resistance at Level 72

Key Resistance Zones: 74.000, 76.000, 78.000
Key Support Zones: 66.000, 64.000, 62.000

AUD/JPY Long-term Trend: Bullish
AUD/JPY is in an ascending channel. The pair is in an uptrend as it reaches the high of level 71.783. Currently, it is facing resistance at the recent high. The market will resume its uptrend if price retraces to level 70.800. The market is expected to rally above level 72 if it breaks the current resistance.

AUD/JPY – Daily Chart

Daily Chart Indicators Reading:
At the moment, the pair has risen to level 62 of the Relative Strength Index period 14. It is in an uptrend trend zone and above the centerline 50. The 21-day SMA and the 50-day SMA are sloping upward indicating the uptrend.

AUD/JPY Medium-term Trend: Bullish
On the 4- hour chart, the currency pair is in an uptrend. A candle body tested the 0.786 retracement level. This determines the target price of the pair. According to the Fibonacci tool, the market is expected to rise to 1.272 Fibonacci extension level.

AUD/JPY – 4 Hour Chart

4-hour Chart Indicators Reading
The market is presently below 75 % range of the daily stochastic. This implies that the price is in a bearish momentum. This is contrary to the price action that is showing a bullish signal. The SMAs are sloping upward indicating the uptrend.

General Outlook for Italy AUD/JPY
The currency pair is presently in an uptrend but it is facing resistance at the recent high. The Relative Strength Index and the SMAs are pointing an upward move of the pair.

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Author : Azeez Mustapha


Azeez Mustapha is an experienced author, trader, markets analyst, signals strategist, and funds-manager.