AUD/JPY Tests Positive Slope in 50-Day SMA
AUD/JPY trades near the monthly low (96.27) after failing to hold within an ascending channel.
AUD/JPY Rate Outlook
AUD/JPY may attempt to retrace the decline from the monthly high (98.07) as it no longer carves a series of lower highs and lows, with a break/close above the 97.40 (61.8% Fibonacci extension) to 97.90 23.6% Fibonacci extension) region bringing the November high (98.61) on the radar.
Next area of interest comes in around the 2022 high (98.77), but AUD/JPY may no longer track the positive slope in the 50-Dya SMA (96.25) if it struggles to hold above the moving average.
Failure to hold above the monthly low (96.27) may lead to a test of the November low (95.61), with a break/close below the 95.30 (50% Fibonacci extension) to 96.10 (78.6% Fibonacci retracement) area opening up the 93.90 (61.8% Fibonacci retracement) to 94.40 (23.6% Fibonacci retracement) zone.
AUD/JPY Rate Outlook
AUD/JPY may attempt to retrace the decline from the monthly high (98.07) as it no longer carves a series of lower highs and lows, with a break/close above the 97.40 (61.8% Fibonacci extension) to 97.90 23.6% Fibonacci extension) region bringing the November high (98.61) on the radar.
Next area of interest comes in around the 2022 high (98.77), but AUD/JPY may no longer track the positive slope in the 50-Dya SMA (96.25) if it struggles to hold above the moving average.
Failure to hold above the monthly low (96.27) may lead to a test of the November low (95.61), with a break/close below the 95.30 (50% Fibonacci extension) to 96.10 (78.6% Fibonacci retracement) area opening up the 93.90 (61.8% Fibonacci retracement) to 94.40 (23.6% Fibonacci retracement) zone.
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