The AUDJPY pair displayed a strong, bullish move on U.S. presidential election day. The price surged from the 100.20 level in the daily timeframe and is now trading at 101.60. During the 4-hour timeframe, the 50 EMA and 200 EMA act as dynamic supports for the price. We have also identified immediate support levels at 100.60 and 99.60, while resistance levels at 102.50 and 103.82. The 4-hour RSI currently reads 60, suggesting that the pair still needs to be overbought territory.
AUD to YEN Forecast:
The AUDJPY pair will maintain its uptrend in the upcoming sessions. The pair may rise to the 102.50 level, and if it holds above this, a further move toward 103.80 could follow. However, the price might return to 100.75 before reaching these upper targets. Conversely, if the price drops below 100.20, the next bearish target would be around 99.62.
In the current scenario, we favor a bullish outlook for this pair.
