AUD/JPY Price Analysis: Aims to recapture seven-year high near 97.00


  • A symmetrical triangle formation after a juggernaut rally hints continuation of an upside.
  • Overlapping 50-EMA and asset’s price indicates short-term consolidation ahead.
  • Aussie bulls will recapture a seven-year high at 96.88 on triangle breakout.

The AUD/JPY pair has picked bids around 94.20 after a soft decline from 94.37 in the early Asian session. Broadly, the cross has turned sideways in a 93.97-94.42 range after a vertical upside move on Monday. Aussie bulls have not exhausted yet and are expected to extend their gains further.

On a daily chart, the asset is oscillating in a Symmetrical Triangle chart pattern that signals an extreme slippage in the standard deviation. The upward-sloping trendline of the above-mentioned chart pattern is placed from May 12 low at 87.31 while the downward-sloping trendline is plotted from June 8 high at 96.88.

The 50-period Exponential Moving Average (EMA) at 93.35 is overlapping with the asset prices, which signals a consolidation ahead.

Meanwhile, the Relative Strength Index (RSI) (14) is oscillating in the 40.00-60.00 range. The prolonged upside bias is hinting for the continuation of an upside after a symmetrical breakout. And, a break above 60.00 will trigger the upside momentum.

Should the asset oversteps July 27 high at 95.70, the aussie bulls will drive the risk barometer towards a seven-year high at 96.88. A breach of the latter will send the cross towards May 2015 high at 97.30.

On the flip side, a decisive drop below Friday’s low at 92.24 will drag the asset towards Wednesday’s low at 91.72, followed by August low at 90.52.

AUD/JPY daily chart

AUD/JPY

Overview
Today last price 94.3
Today Daily Change 0.93
Today Daily Change % 1.00
Today daily open 93.37
 
Trends
Daily SMA20 93.79
Daily SMA50 93.77
Daily SMA100 92.77
Daily SMA200 87.81
 
Levels
Previous Daily High 93.63
Previous Daily Low 92.25
Previous Weekly High 93.81
Previous Weekly Low 90.52
Previous Monthly High 95.76
Previous Monthly Low 91.42
Daily Fibonacci 38.2% 93.1
Daily Fibonacci 61.8% 92.77
Daily Pivot Point S1 92.54
Daily Pivot Point S2 91.7
Daily Pivot Point S3 91.16
Daily Pivot Point R1 93.92
Daily Pivot Point R2 94.46
Daily Pivot Point R3 95.3

 

 

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