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FxWirePro: AUD/JPY pauses shy of 50% Fib, further upside on charts
AUD/JPY chart - Trading View
AUD/JPY was trading in tight ranges on the day with session high at 68.132 and low at 67.487.
The pair has formed a 'Doji' on the daily candle at the time of writing suggesting indecision among traders.
RBA’s financial stability review dents Aussie. The RBA noted that high uncertainty to weigh over the banks’ performance and economy.
Technical indicators however, support upside in the pair. Stochs are sharply higher and RSI holds above 50 mark.
Price action has broken above 21-EMA and volatility is rising as evidenced by widening Bollinger bands.
The pair has paused upside at 50% Fib at 68.20. Scope for gains till 61.8% Fib at 70.17.
On the flipside, strong support is seen at 66.80 (nearly converged 5-DMA and 21-EMA). Retrace below negates any bullish bias.
Support levels - 66.80 (nearly converged 5-DMA and 21-EMA), 65.67 (20-DMA)
Resistance levels - 68.38 (Upper BB), 69.08 (55-EMA)