AUD/JPY And The Multiple Resistances – Forex Chart Observations

July 20, 2013 in Chart Alert

After the interest rate cut AUD/JPY had a free fall. The pair had fallen from 105.43 to as low as 88.93. The break below 90.00 psychological level had made the bearish outlook very strong but a good support was witnessed there. After such a big fall some consolidation towards 38.2% retracement is quite natural and hence a move towards 95.12 can not be ignored but let’s see what are the resistances on the way.

AUD/JPY and retracement levels

AUD/JPY and retracement levels

The biggest resistance is the psychological level of 95.00 itself. But let’s see what are the resistances before such a move may take place.

The pair seems to be struggling against 55-day EMA. Not even breaking above it, AUDJPY has not been able to touch it. The resistance was faced well below this when a jump to 93.07 had taken place. The current price action is again hesitating below 55-day EMA.

Resistances

AUDJPY against 55 day EMA resistance

Even if this resistance is overcome the other resistances as mentioned in the above chart may prove to be big obstacles and considering this even the minor 38.2% consolidation remains as a big challenge, at least as of now.

You may also like to check AUD/JPY’s weekly forecast and the daily analysis of AUD/JPY.

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