AUD/JPY snaps the series of higher highs and lows carried over from last week after struggling to test the March high (95.75).
In turn, AUD/JPY may continue to give back the advance from the start of the week, with a move/close below the 92.80 (50% Fibonacci extension) to 93.30 (23.6% Fibonacci extension) zone bringing the monthly low (91.42) on the radar.
Failure to defend the 91.50 (61.8% Fibonacci retracement) to 91.70 (38.2% Fibonacci extension) region opens up 90.50 (61.8% Fibonacci extension), but a breach above the March high (95.75) may push AUD/JPY back toward the February high (97.34).
--- Written by David Song, Senior Strategist at FOREX.com
In turn, AUD/JPY may continue to give back the advance from the start of the week, with a move/close below the 92.80 (50% Fibonacci extension) to 93.30 (23.6% Fibonacci extension) zone bringing the monthly low (91.42) on the radar.
Failure to defend the 91.50 (61.8% Fibonacci retracement) to 91.70 (38.2% Fibonacci extension) region opens up 90.50 (61.8% Fibonacci extension), but a breach above the March high (95.75) may push AUD/JPY back toward the February high (97.34).
--- Written by David Song, Senior Strategist at FOREX.com
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