Technical analysis of AUD/JPY 05/27/2020

The currency cross of the AUD/JPY pair develops an upward movement on the Daily chart. Since the beginning of growth, the pair has found resistance at each level of the Fibo grid located from highs to lows of 2020. At the moment, quotes are consolidating around 71.50, having fixed above the last correctional level of 61.8% with a price of 69.00. The technical picture suggests the continuation of the uptrend with a target in the region of annual highs at 74.50. Confirmation of the bullish signal will be the growth and consolidation of the pair above MA200 and the level of 72.00. Cancellation of the upward trend development option will be a decline below the level of 70.00, which is the previous minimum that coincides with the MA100 on the daily timeframe.


Created by Joshua Hayn

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