AUD/JPY Holds Above 50-Day SMA to Test Monthly High
AUD/JPY approaches the monthly high (96.07) as it snaps the series of lower highs and lows from the start of the week.
AUD/JPY Rate Outlook
AUD/JPY holds above the 50-Day SMA (94.44) after breaking out of the descending channel from earlier this year, with a break/close above the 95.30 (50% Fibonacci extension) to 96.10 (78.6% Fibonacci retracement) region bringing the July high (96.83) on the radar.
However, AUD/JPY may trade within a defined range if it fails to clear the monthly high (96.07), with a move below the moving average raising the scope for a test of the September low (93.59).
AUD/JPY Rate Outlook
AUD/JPY holds above the 50-Day SMA (94.44) after breaking out of the descending channel from earlier this year, with a break/close above the 95.30 (50% Fibonacci extension) to 96.10 (78.6% Fibonacci retracement) region bringing the July high (96.83) on the radar.
However, AUD/JPY may trade within a defined range if it fails to clear the monthly high (96.07), with a move below the moving average raising the scope for a test of the September low (93.59).
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