AUS Dollar to YEN
Last week, the AUD/JPY pair saw minimal movement, with the price remaining between a low of 100.00 and a high of 101.60. After briefly touching the 101.60 level, the price pulled back slightly and eventually closed the weekly candle at 100.60.
On the daily price chart, some key support and resistance levels are observed:
Resistance: 101.40 and 102.90
Support: 99.50 and 98.50
Analyzing the 4-hour time frame, we see that the 50 EMA supports the price in maintaining an uptrend. While there were attempts to push higher, the upward moves could have been stronger. Key observations include:
The price has tested the upper boundary of the 50 EMA multiple times recently, with slight upward movement each time.
The 50 and 200 EMAs continue to support the price for upward momentum.
The price ranges between 99.50 and 101.50 over the past three weeks.
The pair currently sits between these two levels, and the RSI is at 44, indicating a neutral stance.
Forecast:
Any strong upward move could lift the price to the 101.40 level. If the price breaks above and holds around 101.40, the next target could be 102.90. The price may return to retest the 99.80 level before attempting higher targets.
Conversely, if the price drops below 99.30, the next bearish target would be 98.50, though this seems unlikely.
Overall, we maintain a bullish outlook on the AUD/JPY pair.
