AUD/JPY Price Analysis: Hits highest since April 2019

AUD/JPY hits multi-month highs on US stimulus.
The pair eyes key SMA hurdle, as the weekly chart favors a continued rally.

Omkar Godbole FXStreet Contributor

Buoyed at least in part by President Trump's signing of the coronavirus stimulus package, AUD/JPY reached 20-month highs on Monday.

The currency pair traded at 78.88, the highest level since late April 2019, having picked up a bid at 78.54 in early Asia.

According to the last week's bullish hammer candle, the path of least resistance is to the higher side. The above-50 readings on the daily and weekly chart relative strength indices also indicate a bullish bias.

The immediate resistance is located at 79.12 (200-week Simple Moving Average), followed by 80.72 (April 2019 high). Meanwhile, 77.49 (last week's low) is the level to beat for the sellers.

Weekly chart

Trend: Bullish

Technical levels

AUD/JPY

Overview
Today last price	78.85
Today Daily Change	0.10
Today Daily Change %	0.13
Today daily open	78.75

Trends
Daily SMA20	77.96
Daily SMA50	76.43
Daily SMA100	76.31
Daily SMA200	73.99

Levels
Previous Daily High	78.75
Previous Daily Low	78.63
Previous Weekly High	78.85
Previous Weekly Low	77.49
Previous Monthly High	77.12
Previous Monthly Low	73.18
Daily Fibonacci 38.2%	78.7
Daily Fibonacci 61.8%	78.67
Daily Pivot Point S1	78.67
Daily Pivot Point S2	78.58
Daily Pivot Point S3	78.54
Daily Pivot Point R1	78.79
Daily Pivot Point R2	78.84
Daily Pivot Point R3	78.92

Author

Omkar Godbole

FXStreet Contributor

Omkar Godbole, editor and analyst, joined FXStreet after four years as a research analyst at several Indian brokerage companies.

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