AUD/JPY falls toward the 50-Day SMA (89.95) following the failed attempt to test the monthly high (92.44), and the exchange rate may give back the advance from the May low (89.17) if it struggles to hold above the moving average.
AUD/JPY Rate Outlook
AUD/JPY carves a series of lower highs and lows as it extends the decline from the start of the week, and the exchange rate may threaten the monthly range as the Japanese Yen appreciates against most of its major counterparts.
A break/close below the 89.60 (50% Fibonacci retracement) to 90.30 (23.6% Fibonacci extension) region may push AUD/JPY towards the monthly low (89.17), with the next area of interest coming in around 88.60 (38.2% Fibonacci extension).
However, failure to break/close below the 89.60 (50% Fibonacci retracement) to 90.30 (23.6% Fibonacci extension) region may keep AUD/JPY within the May range, with a move above 91.70 (38.2% Fibonacci retracement) bringing the monthly high (92.44) back on the radar.
--- Written by David Song, Strategist
AUD/JPY Rate Outlook
AUD/JPY carves a series of lower highs and lows as it extends the decline from the start of the week, and the exchange rate may threaten the monthly range as the Japanese Yen appreciates against most of its major counterparts.
A break/close below the 89.60 (50% Fibonacci retracement) to 90.30 (23.6% Fibonacci extension) region may push AUD/JPY towards the monthly low (89.17), with the next area of interest coming in around 88.60 (38.2% Fibonacci extension).
However, failure to break/close below the 89.60 (50% Fibonacci retracement) to 90.30 (23.6% Fibonacci extension) region may keep AUD/JPY within the May range, with a move above 91.70 (38.2% Fibonacci retracement) bringing the monthly high (92.44) back on the radar.
--- Written by David Song, Strategist