AUD/JPY Reaction to 50-Day SMA in Focus
AUD/JPY trades within a descending channel after registering a fresh yearly high (97.67) in June, but the exchange rate may track the positive slope in the 50-Day SMA (93.90) amid the failed attempts to close below the moving average.
AUD/JPY Rate Outlook
AUD/JPY seems to be reacting to the moving average as it bounces back ahead of the monthly low (93.27), with a break/close above the 95.30 (50% Fibonacci extension) to 96.10 (78.6% Fibonacci retracement) region negating the descending channel.
A break above channel resistance may push AUD/JPY towards the monthly high (96.83), with the next area of interest coming in around 97.40 (61.8% Fibonacci extension) to 97.90 (23.6% Fibonacci extension).
Nevertheless, failure to break/close above the 95.30 (50% Fibonacci extension) to 96.10 (78.6% Fibonacci retracement) region may keep AUD/JPY within the bearish formation, with a move below the 93.90 (61.8% Fibonacci retracement) to 94.40 (23.6% Fibonacci retracement) area bringing the monthly low (93.27) on the radar.
AUD/JPY Rate Outlook
AUD/JPY seems to be reacting to the moving average as it bounces back ahead of the monthly low (93.27), with a break/close above the 95.30 (50% Fibonacci extension) to 96.10 (78.6% Fibonacci retracement) region negating the descending channel.
A break above channel resistance may push AUD/JPY towards the monthly high (96.83), with the next area of interest coming in around 97.40 (61.8% Fibonacci extension) to 97.90 (23.6% Fibonacci extension).
Nevertheless, failure to break/close above the 95.30 (50% Fibonacci extension) to 96.10 (78.6% Fibonacci retracement) region may keep AUD/JPY within the bearish formation, with a move below the 93.90 (61.8% Fibonacci retracement) to 94.40 (23.6% Fibonacci retracement) area bringing the monthly low (93.27) on the radar.
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