AUD/JPY Attempts to Breakout of Descending Channel
AUD/JPY appears to be breaking out of the descending channel from earlier this year as it attempts to trade above the 50-Day SMA (94.65).
AUD/JPY Rate Outlook
AUD/JPY registers a fresh weekly high (95.06) as it carves a series of higher highs and lows, and the exchange rate may attempt to retrace the decline from the monthly high (95.81) if it continues to hold above former-channel resistance.
Need a break/close above the 95.30 (50% Fibonacci extension) to 96.10 (78.6% Fibonacci retracement) to bring the July high (96.83) on the radar, with the next area of interest coming in around 97.40 (61.8% Fibonacci extension) to 97.90 (23.6% Fibonacci extension).
However, failure to hold above the moving average may keep AUD/JPY within in the monthly range as the indicator reflects a negative slope, with a move below the 93.90 (61.8% Fibonacci retracement) to 94.40 (23.6% Fibonacci retracement) area raising the scope for a move towards 91.70 (38.2% Fibonacci retracement).
AUD/JPY Rate Outlook
AUD/JPY registers a fresh weekly high (95.06) as it carves a series of higher highs and lows, and the exchange rate may attempt to retrace the decline from the monthly high (95.81) if it continues to hold above former-channel resistance.
Need a break/close above the 95.30 (50% Fibonacci extension) to 96.10 (78.6% Fibonacci retracement) to bring the July high (96.83) on the radar, with the next area of interest coming in around 97.40 (61.8% Fibonacci extension) to 97.90 (23.6% Fibonacci extension).
However, failure to hold above the moving average may keep AUD/JPY within in the monthly range as the indicator reflects a negative slope, with a move below the 93.90 (61.8% Fibonacci retracement) to 94.40 (23.6% Fibonacci retracement) area raising the scope for a move towards 91.70 (38.2% Fibonacci retracement).
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