AUD/JPY Price Forecast: Sticks to gains above 112.00 as bulls await 50% Fibo. breakout
The AUD/JPY cross attracts fresh buyers following a modest Asian session dip to the 111.80 area on Tuesday and turns positive for the seventh consecutive day. Spot prices, however, remain below last week's swing high and currently trade around the 112.15-112.20 region, up nearly 0.15% for the day.
The AUD/JPY exchange rate has been gaining strength, trading above 112.00 for seven consecutive days. Currently, the rate is hovering around 112.15-112.20, marking a slight increase of nearly 0.15% for the day. The Japanese Yen has been underperforming due to the Bank of Japan's unexpectedly dovish stance, while the Australian Dollar has found support in the Reserve Bank of Australia's more hawkish tone.
Investors remain cautious as the pair is constrained by a cluster of Fibonacci levels, including the 50.0% retracement at 112.34 and the 61.8% level at 112.96. Technical indicators, such as the 100-day Exponential Moving Average and the Moving Average Convergence Divergence (MACD), suggest a modest recovery in momentum, but no definitive trend shift has been confirmed.
If the price were to rise further, it would likely face resistance at the 50.0% retracement at 112.34, followed by the 61.8% level at 112.96 and then the 78.6% retracement at 113.85. On the downside, support can be found at the 100-day EMA at 112.16, with additional cushioning at the 38.2% Fibonacci level at 111.71 and the 23.6% retracement at 110.94. A significant decline could expose the pair to the broader market support at 109.68.
Written by urgent.news from FXStreet's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
This story
This is one outlet's version. Read the fullest account.
