- 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
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
Note: All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer. Opinions expressed at FXstreet.com are those of the individual authors and do not necessarily represent the opinion of FXstreet.com or its management. Risk Disclosure: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.
Recommended content
Editors’ Picks
EUR/USD holds below 1.0750 ahead of key US data
EUR/USD trades in a tight range below 1.0750 in the European session on Friday. The US Dollar struggles to gather strength ahead of key PCE Price Index data, the Fed's preferred gauge of inflation, and helps the pair hold its ground.
USD/JPY stays firm above 156.00 after BoJ Governor Ueda's comments
USD/JPY stays firm above 156.00 after surging above this level on the Bank of Japan's decision to leave the policy settings unchanged. BoJ Governor said weak Yen was not impacting prices but added that they will watch FX developments closely.
Gold price oscillates in a range as the focus remains glued to the US PCE Price Index
Gold price struggles to attract any meaningful buyers amid the emergence of fresh USD buying. Bets that the Fed will keep rates higher for longer amid sticky inflation help revive the USD demand.
Bitcoin Weekly Forecast: BTC’s next breakout could propel it to $80,000 Premium
Bitcoin’s recent price consolidation could be nearing its end as technical indicators and on-chain metrics suggest a potential upward breakout. However, this move would not be straightforward and could punish impatient investors.
US core PCE inflation set to signal firm price pressures as markets delay Federal Reserve rate cut bets
The core PCE Price Index, which excludes volatile food and energy prices, is seen as the more influential measure of inflation in terms of Fed positioning. The index is forecast to rise 0.3% on a monthly basis in March, matching February’s increase.