AUD/JPY Price Analysis: Bulls look to extend gains beyond 82.80
- AUD/JPY prints gains on Monday in the Asian session.
- Pair seems to halt the previous week’s decline near 82.40.
- Momentum oscillator holds onto the negative zone with oversold conditions.
AUD/JPY edges higher on Monday to begin the new trading week with a positive note. The pair opened in the vicinity of the previous session’s low near the 82.40 level and touched a high of 82.75, where it waivers now.
AUD/JPY daily chart
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On the daily chart, the AUD/JPY price has formed a double bottom formation near the 82.40 mark, which is a bullish formation.
A sustained move above the intraday high at 82.75 could further push the pair higher in the territory of the 83.20 horizontal resistance level.
Next, AUD/JPY bulls would like to retest the 100-day Simple Moving Average (SMA) at 83.71.
The Relative Strength Index (RSI) indicator reads below 50 with stretched selling opportunities. An uptick in the RSI coupled with a break of the above mentioned 100-day SMA would open the possibility of the high of June 17 at 84.62 for the bulls.
Alternatively, if price moves lower then it could bring the levels last seen in March back into the picture. The cross shall look out for the March 1 low in the vicinity of the 82.10 area.
A break below the 82.00 key psychological level would open the gates for the February 18 low at 81.82 followed by the 81.45 horizontal support level.
AUD/JPY additional levels
Author
Rekha Chauhan
Independent Analyst
Rekha Chauhan has been working as a content writer and research analyst in the forex and equity market domain for over two years.
