AUD/JPY Price Analysis: Looks to extend gains beyond 85.50
- AUD/JPY holds onto the gains in the Asian Session.
- More gains anticipated if price breaks above 85.50.
- MACD in the overbought zone warns for aggressive bids.
The AUD/JPY cross maintains the previous day's gains in the Asian session. The cross peaked at 85.36, however retreating to sessions low of 85.20 rather quickly.
At the time of writing, AUD/JPY is trading at 85.32 , up 0.12% on the day.
AUD/JPY daily chart
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On the daily chart, the cross has been accumulating gains near the 85.30 mark. The Moving Average Convergence (MACD) indicator reads above the midline, which signifies the underlying bullish tone.
The first hurdle is placed at February 2018 weekly highs near 85.60 followed by the 87.51 mark. This would clear the path for monthly high at 88.49 (February 2018 high).
Alternatively, on the downside, the interim support is placed at the 85.00 horizontal support zone, followed by Friday’s low in the vicinity of 84.72 area.
Next, the price would seek solace at the 20-hour Simple Moving Average (SMA) placed at 84.30.
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.
