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AUDJPY Confronts Important Resistance-Region

Sep 18 2017, 12:37 AM (CDT) | Fxdailyinfo.com

 

Having successfully observed a three-month old ascending trend-line support, the AUDJPY presently confronts the 88.30-40 horizontal resistances-region that confined the pair's advances during July. Considering the overbought RSI level and comparative fundamental strength of the JPY, chances of the pair's pullback to 88.70 and then to 88.00 are bright. However, the pair's following downside might only have 50-day SMA level of 87.50 before testing aforementioned TL support mark of 87.00. In case if the quote closes below 87.00, it becomes vulnerable to extend the south-run towards the 86.50 and the 100-day SMA level around 85.75-70.

Meanwhile, pair's daily closing beyond 88.40 could quickly propel it in direction to 90.00 round-figure ahead of targeting the 61.8% FE level of 90.35. Should prices keep trading up after 90.35, the December 2015 high near 90.75 and the 91.00 resistances might please the buyers.

Fxdailyinfo.com

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