Note:All indicators for the overall outlook and forecast of AUD/JPY are based on the daily forex charts and in some cases 4-hourly or weekly charts.
"( 2 weeks back): The strong fall suggests that we can see some more weakness initially. However we expect the first support near 102.84 which was the low of April 9th. Even if this support fails we will expect a very strong support over 102.00. a failure of 102.00 support should come as deeper implication and deeper moves towards 101.34 (22-day EMA) and possibly 99.20."
Australian Dollar-Yen (AUD/JPY) moved as we had indicated 2 weeks back (quoted above). The pair did not only moved down to 99.20 but had gone as low as 98.75 before recovering to 102.94 and then dropping to 100.31 before closing for the last week at 100.73.
The recent volatile sideways moves keep the immediate outlook neutral for AUD/JPY. Please note that the current price action is near 3 combined supports. The support of short-term trend line, 55-day EMA and the psychological support of 100.00. Please check this AUD/JPY chart alert for the same. However after breaking over the psychological barrier of 105.00 and then breaking much below 100.00 brings the bearish outlook in the picture. In case there is another decisive break below 100.00 then we would expect a retest of the recent 98.75 and any break of that may target 97.80 or more. We would expect recovery as long as there is no break below 96.91 support.
However if the support near 100.00 holds and a break above the recent 102.94 takes place then we would expect a retest of 105.00 and possibly 105.43. This is not for the next week but overall, any break above the recent 105.43 should take AUD/JPY first towards the next resistance zone of 106.20/106.40 and then possibly towards 107.60.
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