Fri, Jun 24, 2022 @ 23:36 GMT
HomeContributorsTechnical AnalysisAUDJPY is Trading Slightly Below 2-Month Peak of 89.05

AUDJPY is Trading Slightly Below 2-Month Peak of 89.05

AUDJPY is edging higher and is trying to retest the more than two-month high slightly above the 89.00 strong psychological level. The price was supported by the 20-day simple moving average several times during the previous sessions, failing to drop below it.

Momentum indicators are moving in the positive areas in the short-term with the RSI just below the 70 level, heading to the upside. Moreover, the stochastic oscillator is also running in the bullish territory, with the %K line holding above the %D line, suggesting a strong upside movement.

If price actions climb above the 89.05 resistance level, it could open the door for the next immediate resistance barrier of 90.30 taken from the high on September 21.

On the flip side, in case of a bearish movement, immediate support could come at 87.20. A drop below the aforementioned barrier would open the way towards the 40-day SMA at 86.60.

Having a brief look at the weekly timeframe, the technical indicators are endorsing the bullish scenario. The RSI indicator is moving north in the bullish area, while the stochastic oscillator is holding within the overbought zone.

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