AUD/JPY Fails to Hold Above Former Resistance
AUD/JPY falls towards the 50-Day SMA (97.85) after failing to hold above the former resistance zone around the February high (99.06), but the exchange rate may track the positive slope in the moving average if it continues to hold above the March low (96.90).
AUD/JPY Rate Outlook
AUD/JPY is under pressure after registering a fresh yearly high (100.17) during the previous month, with a break/close below 97.60 (50% Fibonacci extension) raising the scope for a test of the March low (96.90).
Next area of interest comes in around 96.20 (38.2% Fibonacci extension), but AUD/USD may attempt to retrace the decline from last month if it continues to hold above the moving average.
Need a close back above the 98.77 (2022 high) to 99.00 (61.8% Fibonacci extension) region to bring the yearly high (100.17) on the radar, with the next area of interest coming in around 100.90 (38.2% Fibonacci extension) to 101.37 (December 2014 high).
--- Written by David Song, Strategist at FOREX.com
AUD/JPY Rate Outlook
AUD/JPY is under pressure after registering a fresh yearly high (100.17) during the previous month, with a break/close below 97.60 (50% Fibonacci extension) raising the scope for a test of the March low (96.90).
Next area of interest comes in around 96.20 (38.2% Fibonacci extension), but AUD/USD may attempt to retrace the decline from last month if it continues to hold above the moving average.
Need a close back above the 98.77 (2022 high) to 99.00 (61.8% Fibonacci extension) region to bring the yearly high (100.17) on the radar, with the next area of interest coming in around 100.90 (38.2% Fibonacci extension) to 101.37 (December 2014 high).
--- Written by David Song, Strategist at FOREX.com
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