AUD/JPY Rebounds After Testing Monthly Low
AUD/JPY rises for the third consecutive day after testing the monthly low (93.59).
AUD/JPY Rate Outlook
AUD/JPY may attempt to test the monthly high (94.72) as it pushes above the 50-Day SMA (94.33), and the exchange rate seems to be showing a limited response to the negative slope in the moving average as it no longer trades within a descending channel.
A break above the opening range for September brings the August high (95.06) on the radar, with a break/close above the 95.30 (50% Fibonacci extension) to 96.10 (78.6% Fibonacci retracement) region bringing the July high (96.83) on the radar.
However, failure to clear the monthly high (94.72) may keep AUD/JPY within a defined range, with a move below the 93.90 (61.8% Fibonacci retracement) to 94.40 (23.6% Fibonacci retracement) area bringing the monthly low (93.59) back on the radar.
AUD/JPY Rate Outlook
AUD/JPY may attempt to test the monthly high (94.72) as it pushes above the 50-Day SMA (94.33), and the exchange rate seems to be showing a limited response to the negative slope in the moving average as it no longer trades within a descending channel.
A break above the opening range for September brings the August high (95.06) on the radar, with a break/close above the 95.30 (50% Fibonacci extension) to 96.10 (78.6% Fibonacci retracement) region bringing the July high (96.83) on the radar.
However, failure to clear the monthly high (94.72) may keep AUD/JPY within a defined range, with a move below the 93.90 (61.8% Fibonacci retracement) to 94.40 (23.6% Fibonacci retracement) area bringing the monthly low (93.59) back on the radar.
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