AUD/JPY Attempts to Retrace Decline from Monthly High
AUD/JPY may attempt to retrace the decline from the monthly high (98.07) as it carves a series of higher highs and lows.
AUD/JPY Rate Outlook
AUD/JPY trades back above the 50-Day SMA (96.33) after failing to test the October low (93.06), with a close above 97.60 (50% Fibonacci extension) bringing the 2022 high (98.77) on the radar.
A break/close above the 99.00 (61.8% Fibonacci extension) handle opens up 100.90 (78.6% Fibonacci extension), but failure to clear the monthly high (98.07) may keep AUD/JPY within a defined range.
A move below the 96.10 (78.6% Fibonacci retracement) to 96.20 (38.2% Fibonacci extension) region may push AUD/JPY back towards the 93.90 (61.8% Fibonacci retracement) to 94.50 (23.6% Fibonacci extension) zone, but a breach of the monthly low (93.74) brings the October low (93.06) back on the radar.
AUD/JPY Rate Outlook
AUD/JPY trades back above the 50-Day SMA (96.33) after failing to test the October low (93.06), with a close above 97.60 (50% Fibonacci extension) bringing the 2022 high (98.77) on the radar.
A break/close above the 99.00 (61.8% Fibonacci extension) handle opens up 100.90 (78.6% Fibonacci extension), but failure to clear the monthly high (98.07) may keep AUD/JPY within a defined range.
A move below the 96.10 (78.6% Fibonacci retracement) to 96.20 (38.2% Fibonacci extension) region may push AUD/JPY back towards the 93.90 (61.8% Fibonacci retracement) to 94.50 (23.6% Fibonacci extension) zone, but a breach of the monthly low (93.74) brings the October low (93.06) back on the radar.
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