AUD/JPY Struggles to Trade Back Above 50-Day SMA
AUD/JPY struggles to trade back above the 50-Day SMA (96.78) as it fails to test the monthly high (96.93).
AUD/JPY Rate Outlook
Keep in mind, AUD/JPY cleared the January low (95.84) to register a fresh yearly low (95.50) on February 1, and the advance from the December low (93.74) may unravel as the moving average seems to be developing a negative slope.
A close below the 96.10 (78.6% Fibonacci retracement) to 96.20 (38.2% Fibonacci extension) region may push AUD/JPY towards the 93.90 (61.8% Fibonacci retracement) to 94.50 (23.6% Fibonacci extension) area, with a breach below the December low (93.74) opening up the October low (93.06).
However, failure to close below the 96.10 (78.6% Fibonacci retracement) to 96.20 (38.2% Fibonacci extension) region may generate range bound conditions in AUD/JPY, with a move above the monthly high (96.93) bringing 97.60 (50% Fibonacci extension) back on the radar.
AUD/JPY Rate Outlook
Keep in mind, AUD/JPY cleared the January low (95.84) to register a fresh yearly low (95.50) on February 1, and the advance from the December low (93.74) may unravel as the moving average seems to be developing a negative slope.
A close below the 96.10 (78.6% Fibonacci retracement) to 96.20 (38.2% Fibonacci extension) region may push AUD/JPY towards the 93.90 (61.8% Fibonacci retracement) to 94.50 (23.6% Fibonacci extension) area, with a breach below the December low (93.74) opening up the October low (93.06).
However, failure to close below the 96.10 (78.6% Fibonacci retracement) to 96.20 (38.2% Fibonacci extension) region may generate range bound conditions in AUD/JPY, with a move above the monthly high (96.93) bringing 97.60 (50% Fibonacci extension) back on the radar.
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