AUD/JPY Tests 2023 High
AUD/JPY extends the advance from last week to test the 2023 high (98.61).
AUD/JPY Rate Outlook
AUD/JPY pushed above the 50-Day SMA (96.94) earlier this month to clear the January high (97.88), with the moving average starting to reflect a positive slope as the exchange rate registers a fresh yearly high (98.62).
A more definitive breach above the 2023 high (98.61) opens up the 98.77 (2022 high) to 99.00 (61.8% Fibonacci extension) region, but Relative Strength Index (RSI) may show the bullish momentum abating if it reverses ahead of overbought territory.
Failure to push above the 2023 high (98.61) may push AUD/JPY back towards 97.60 (50% Fibonacci extension), with the breach below the moving average opening up the 96.10 (78.6% Fibonacci retracement) to 96.20 (38.2% Fibonacci extension) area.
--- Written by David Song, Strategist
AUD/JPY Rate Outlook
AUD/JPY pushed above the 50-Day SMA (96.94) earlier this month to clear the January high (97.88), with the moving average starting to reflect a positive slope as the exchange rate registers a fresh yearly high (98.62).
A more definitive breach above the 2023 high (98.61) opens up the 98.77 (2022 high) to 99.00 (61.8% Fibonacci extension) region, but Relative Strength Index (RSI) may show the bullish momentum abating if it reverses ahead of overbought territory.
Failure to push above the 2023 high (98.61) may push AUD/JPY back towards 97.60 (50% Fibonacci extension), with the breach below the moving average opening up the 96.10 (78.6% Fibonacci retracement) to 96.20 (38.2% Fibonacci extension) area.
--- Written by David Song, Strategist
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