AUDJPY → Soar but is There Enough Momentum to Sustain?
AUSTRALIAN DOLLAR,
AUDJPY
– NEAR-TERM TECHNICAL UPDATE:
- Australian Dollar soared over the past 24 hours
- AUDJPY Symmetrical Triangle breakout continues
Meanwhile, the Australian Dollar is also pushing higher against the Japanese Yen. Not long ago, AUDJPY confirmed a breakout above a Symmetrical Triangle chart formation. That opened the door to extending the dominant uptrend since earlier this year.
Now, prices are facing the 14.6% Fibonacci retracement level at 95.97 as immediate resistance. Negative RSI divergence is present though, showing that upside momentum is fading. That can precede a turn lower.
Such an outcome would place the focus on immediate support, which seems to be the 23.6% level at 94.93. Otherwise, continuing higher places the focus on revisiting the current 2023 peak of 97.67.
AUDJPY
– NEAR-TERM TECHNICAL UPDATE: - Australian Dollar soared over the past 24 hours
- AUDJPY Symmetrical Triangle breakout continues
Meanwhile, the Australian Dollar is also pushing higher against the Japanese Yen. Not long ago, AUDJPY confirmed a breakout above a Symmetrical Triangle chart formation. That opened the door to extending the dominant uptrend since earlier this year.
Now, prices are facing the 14.6% Fibonacci retracement level at 95.97 as immediate resistance. Negative RSI divergence is present though, showing that upside momentum is fading. That can precede a turn lower.
Such an outcome would place the focus on immediate support, which seems to be the 23.6% level at 94.93. Otherwise, continuing higher places the focus on revisiting the current 2023 peak of 97.67.
