AUD/JPY eyes 50-Day SMA again

2023年4月12日

AUD/JPY may attempt to break out of the opening range for April as it extends the rebound from the monthly low (87.60) to carve a series of higher highs and lows.

AUD/JPY Rate Outlook

AUD/JPY continues to retrace the decline from the monthly high (90.17) as it appreciates for the fourth consecutive day, and the exchange rate may stage further attempts to test the 50-Day SMA (90.10) amid the recovery in investor confidence.

A break/close above 89.60 (50% Fibonacci retracement) raises the scope for a run at the moving average, but AUD/JPY may respond to the negative slope in the indicator if fails to break out of the opening rang for April.

Lack of momentum to push above 89.60 (50% Fibonacci retracement) may bring the 88.60 (38.2% Fibonacci extension) region back on the radar, with a move below the monthly low (87.60) opening up the 87.20 (50% Fibonacci extension) to 87.40 (61.8% Fibonacci retracement) region.

Additional Resources:

AUD/USD forecast: Death Cross formation pending

--- Written by David Song, Strategist

DavidJSong