AUD/JPY: Bullish Trend Pauses for a Pullback
-- 30-Minute Chart
The AUD/JPY pair is currently trading in a narrow range on the 30-minute chart. The pair is facing resistance at the 94.20 level and support at the 94.00 level.
The RSI indicator is currently in overbought territory, suggesting that the pair may be due for a pullback. However, the MACD indicator is still generating bullish signals.
-- 4-Hour Chart
The AUD/JPY pair is currently trading in a bullish trend on the 4-hour chart. The pair is facing resistance at the 94.50 level and support at the 94.00 level.
The RSI indicator is currently in overbought territory, suggesting that the pair may be due for a pullback. However, the MACD indicator is still generating bullish signals.
-- Daily Chart
The AUD/JPY pair is currently trading in a bullish trend on the daily chart. The pair is facing resistance at the 95.00 level and support at the 94.00 level.
The RSI indicator is currently in overbought territory, suggesting that the pair may be due for a pullback. However, the MACD indicator is still generating bullish signals.
Elliott Wave Analysis
Based on Elliott Wave Theory, as marked on my chart, the AUD/JPY pair may be in the process of completing a five-wave upward Elliott wave pattern. If this is the case, the pair could experience a significant pullback in the near future.
AUD/JPY Fundamental and Technical Analysis for 4 October 2023 (30-min, 4-h, and Daily Charts)
Fundamental Analysis
The Australian dollar (AUD) is a commodity currency, meaning that its value is closely linked to the prices of commodities such as iron ore and coal. The Japanese yen (JPY) is a safe-haven currency, meaning that it tends to appreciate in value during times of market turmoil.
The AUD/JPY currency pair is often seen as a proxy for risk appetite. When investors are feeling optimistic about the global economy, they tend to buy the AUD/JPY pair. When investors are feeling cautious, they tend to sell the AUD/JPY pair.
Technical Analysis
30-Minute Chart
The AUD/JPY pair is currently trading in a narrow range on the 30-minute chart. The pair is facing resistance at the 94.20 level and support at the 94.00 level.
The RSI indicator is currently in overbought territory, suggesting that the pair may be due for a pullback. However, the MACD indicator is still generating bullish signals.
4-Hour Chart
The AUD/JPY pair is currently trading in a bullish trend on the 4-hour chart. The pair is facing resistance at the 94.50 level and support at the 94.00 level.
The RSI indicator is currently in overbought territory, suggesting that the pair may be due for a pullback. However, the MACD indicator is still generating bullish signals.
Daily Chart
The AUD/JPY pair is currently trading in a bullish trend on the daily chart. The pair is facing resistance at the 95.00 level and support at the 94.00 level.
The RSI indicator is currently in overbought territory, suggesting that the pair may be due for a pullback. However, the MACD indicator is still generating bullish signals.
Elliott Wave Analysis
Based on Elliott Wave Theory, the AUD/JPY pair may be in the process of completing a five-wave upward Elliott wave pattern. If this is the case, the pair could experience a significant pullback in the near future.
Conclusion
Overall, the AUD/JPY pair is in a bullish trend on all three timeframes. However, the RSI indicator is currently in overbought territory on all three timeframes, suggesting that the pair may be due for a pullback.
Traders should watch the key support and resistance levels mentioned above carefully. A break above the 94.50 level on the 4-hour chart would confirm the continuation of the bullish trend. A break below the 94.00 level on the 4-hour chart would suggest a pullback is underway.
The AUD/JPY pair is currently trading in a narrow range on the 30-minute chart. The pair is facing resistance at the 94.20 level and support at the 94.00 level.
The RSI indicator is currently in overbought territory, suggesting that the pair may be due for a pullback. However, the MACD indicator is still generating bullish signals.
-- 4-Hour Chart
The AUD/JPY pair is currently trading in a bullish trend on the 4-hour chart. The pair is facing resistance at the 94.50 level and support at the 94.00 level.
The RSI indicator is currently in overbought territory, suggesting that the pair may be due for a pullback. However, the MACD indicator is still generating bullish signals.
-- Daily Chart
The AUD/JPY pair is currently trading in a bullish trend on the daily chart. The pair is facing resistance at the 95.00 level and support at the 94.00 level.
The RSI indicator is currently in overbought territory, suggesting that the pair may be due for a pullback. However, the MACD indicator is still generating bullish signals.
Elliott Wave Analysis
Based on Elliott Wave Theory, as marked on my chart, the AUD/JPY pair may be in the process of completing a five-wave upward Elliott wave pattern. If this is the case, the pair could experience a significant pullback in the near future.
AUD/JPY Fundamental and Technical Analysis for 4 October 2023 (30-min, 4-h, and Daily Charts)
Fundamental Analysis
The Australian dollar (AUD) is a commodity currency, meaning that its value is closely linked to the prices of commodities such as iron ore and coal. The Japanese yen (JPY) is a safe-haven currency, meaning that it tends to appreciate in value during times of market turmoil.
The AUD/JPY currency pair is often seen as a proxy for risk appetite. When investors are feeling optimistic about the global economy, they tend to buy the AUD/JPY pair. When investors are feeling cautious, they tend to sell the AUD/JPY pair.
Technical Analysis
30-Minute Chart
The AUD/JPY pair is currently trading in a narrow range on the 30-minute chart. The pair is facing resistance at the 94.20 level and support at the 94.00 level.
The RSI indicator is currently in overbought territory, suggesting that the pair may be due for a pullback. However, the MACD indicator is still generating bullish signals.
4-Hour Chart
The AUD/JPY pair is currently trading in a bullish trend on the 4-hour chart. The pair is facing resistance at the 94.50 level and support at the 94.00 level.
The RSI indicator is currently in overbought territory, suggesting that the pair may be due for a pullback. However, the MACD indicator is still generating bullish signals.
Daily Chart
The AUD/JPY pair is currently trading in a bullish trend on the daily chart. The pair is facing resistance at the 95.00 level and support at the 94.00 level.
The RSI indicator is currently in overbought territory, suggesting that the pair may be due for a pullback. However, the MACD indicator is still generating bullish signals.
Elliott Wave Analysis
Based on Elliott Wave Theory, the AUD/JPY pair may be in the process of completing a five-wave upward Elliott wave pattern. If this is the case, the pair could experience a significant pullback in the near future.
Conclusion
Overall, the AUD/JPY pair is in a bullish trend on all three timeframes. However, the RSI indicator is currently in overbought territory on all three timeframes, suggesting that the pair may be due for a pullback.
Traders should watch the key support and resistance levels mentioned above carefully. A break above the 94.50 level on the 4-hour chart would confirm the continuation of the bullish trend. A break below the 94.00 level on the 4-hour chart would suggest a pullback is underway.
I hope this was helpful.
This analysis represents my thoughts at the date it is posted.
This analysis does not represent professional and/or financial advice.
Trade wisely!
ymagnify.com/
This analysis represents my thoughts at the date it is posted.
This analysis does not represent professional and/or financial advice.
Trade wisely!
ymagnify.com/
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