KeytoMarkets

AUDJPY pauses at the 80.0% fib reaction

FX:AUDJPY   Australian Dollar / Japanese Yen
AUDJPY has been locked between 80.50-84.55 since Mid-March. In mid-June, the cross re-tested the lower end of the range 80.60 tested and held the lower-end of the range and rebound 3.60%. At higher time frame (monthly), the chart is appearing more bearish . The cross has been spotted with a bearish H&S pattern pointing to the neckline(monthly) finds between 73.30-72.00. This view will be strengthened if the price close below the 61.8% fib reaction finds at 79.80 (73.30-90.30 rally). Flips side well settles above 84.60 (weekly basis) could be rebound further to 86.50-87.00 levels in the near-term.

Intraday trading supports are at 83.20 and 83.00 with resistance seems to be at 83.70 it’s 80.0% fib reaction (84.60-80.60 retracement) and 83.90 its 100EA.

Overall between 83.70-84.00, the price could face stiff resistance in the week ahead. A move below 83.00 needed to strengthen the bearish view.

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