A key upside barrier on AUD/JPY
A key upside barrier on AUD/JPY
The AUD/JPY remains above the 50-day moving average and is designed to break through key resistance levels, including the 38.2% Fibonacci retracement of the overbought RSI. After the breakthrough, the 100-day EMA and the 50% Fibonacci retracement. The Australian dollar is trading near a six-week high and faces a key upside barrier as Asia needs to fall back to 74.00 early Thursday.
While the continuous trading over 50-day exponential moving average (EMA) and 7-day continuous trading portrayed the strength of the pair, further gains appear to be challenged by the 74.05 / 15 region, including the 38.2% Fibonacci retracement It fell from April to August and was low at 20/21 in June.
In addition, adding a question mark to the extended rally is an overbought condition for the 14-day Relative Strength Index (RSI). If the price rebounds above 74.15 on a daily close, then the 100-day EMA is around 74.60 and the 50% Fibonacci retracement is close to 75.35 on the long list.
On the downside, the pair’s close below the 50-day EMA level of 73.30 will be seen as triggering a drag on the quotation to the 23.6% Fibonacci retracement level of 72.50, while the two-week uptrend line (now 72.32) may limit Other downtrends.
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