AUD/JPY Recovers After Failing to Close Below 50-Day SMA
AUD/JPY appears to be on track to test the monthly high (100.81) following the failed attempt to close below the 50-Day SMA (98.14).
AUD/JPY Rate Outlook
AUD/JPY may track the positive slope in the moving average as it extends the rebound from the monthly low (97.78), with a break/close above 100.90 (38.2% Fibonacci extension) bringing the December 2014 high (101.37) on the radar.
Next area of interest comes in around the November 2014 high (102.85) but failure to clear the monthly high (100.81) may pull AUD/JPY back towards the 98.77 (2022 high) to 99.00 (61.8% Fibonacci extension) region, with a breach below the moving average raising the scope for a test of the monthly low (97.78).
--- Written by David Song, Strategist at FOREX.com
AUD/JPY Rate Outlook
AUD/JPY may track the positive slope in the moving average as it extends the rebound from the monthly low (97.78), with a break/close above 100.90 (38.2% Fibonacci extension) bringing the December 2014 high (101.37) on the radar.
Next area of interest comes in around the November 2014 high (102.85) but failure to clear the monthly high (100.81) may pull AUD/JPY back towards the 98.77 (2022 high) to 99.00 (61.8% Fibonacci extension) region, with a breach below the moving average raising the scope for a test of the monthly low (97.78).
--- Written by David Song, Strategist at FOREX.com