AUD/JPY Reverses Ahead of Yearly High

8 thg 11, 2023

AUD/JPY appears to be reversing ahead of the yearly high (97.67) as it snaps the series of higher highs and lows carried over from last week.

AUD/JPY Rate Outlook

AUD/JPY struggles to hold its ground after registering a fresh monthly high (97.60) earlier this week, and lack of momentum to break/close above the 97.40 (61.8% Fibonacci extension) to 97.90 (23.6% Fibonacci extension) region may lead to a test of the monthly low (95.61).

A break/close below the 95.30 (50% Fibonacci extension) to 96.10 (78.6% Fibonacci retracement) zone opens up the 93.90 (61.8% Fibonacci retracement) to 94.40 (23.6% Fibonacci retracement) area, but the exchange rate may face range bound conditions if it holds above the monthly low (95.61).

Nevertheless, a break/close above the 97.40 (61.8% Fibonacci extension) to 97.90 (23.6% Fibonacci extension) region opens up the 2022 high (98.77), with the next area of interest coming in around 99.60 (38.2% Fibonacci extension).