- Analytics
- News and Tools
- Market News
- AUD/JPY Price Analysis: Bulls struggle to defend 96.00 inside weekly rising channel
AUD/JPY Price Analysis: Bulls struggle to defend 96.00 inside weekly rising channel
- AUD/JPY pauses seven-day uptrend around the highest levels since 2015.
- Overbought RSI, nearness to the bullish channel’s resistance challenge further upside.
- Sellers need clear break of 94.70 for entry.
AUD/JPY retreats to 96.00, after refreshing a seven-year high the previous day, as buyers take a breather inside the weekly ascending channel during Wednesday’s Asian session.
Also challenging the cross-currency pair’s further upside is the overbought RSI (14) and nearness of the quote to the stated bullish trend channel.
However, sellers may wait for a downside break of the April 2022 peak, near 95.75, to take fresh entries. Even so, a convergence of the channel’s support line and 21-SMA, around 94.70, appears a tough nut to crack for the AUD/JPY bears.
Should the quote drop below 91.60, the odds of its south-run to the 200-SMA level of 91.60 can’t be ruled out.
Alternatively, the aforementioned channel’s resistance line near 96.40 and the May 2015 peak of 97.30 are likely immediate hurdles for the AUD/JPY bulls to cross before eyeing the 100.00 psychological magnet.
Overall, AUD/JPY remains in a bullish trajectory but may witness a pullback.
AUD/JPY: Four-hour chart
Trend: Pullback expected
© 2000-2024. All rights reserved.
This site is managed by Teletrade D.J. LLC 2351 LLC 2022 (Euro House, Richmond Hill Road, Kingstown, VC0100, St. Vincent and the Grenadines).
The information on this website is for informational purposes only and does not constitute any investment advice.
The company does not serve or provide services to customers who are residents of the US, Canada, Iran, The Democratic People's Republic of Korea, Yemen and FATF blacklisted countries.
Making transactions on financial markets with marginal financial instruments opens up wide possibilities and allows investors who are willing to take risks to earn high profits, carrying a potentially high risk of losses at the same time. Therefore you should responsibly approach the issue of choosing the appropriate investment strategy, taking the available resources into account, before starting trading.
Use of the information: full or partial use of materials from this website must always be referenced to TeleTrade as the source of information. Use of the materials on the Internet must be accompanied by a hyperlink to teletrade.org. Automatic import of materials and information from this website is prohibited.
Please contact our PR department if you have any questions or need assistance at pr@teletrade.global.
Bank transfers
