AUD/JPY on Track to Test 2013 High
AUD/JPY appears to be on track to test the 2013 high (105.43) as it climbs to a fresh yearly high (105.10).
AUD/JPY Rate Outlook
AUD/JPY extends the advance from the start of the week to clear the April high (104.96), with the recent advance in the exchange rate pushing the Relative Strength Index (RSI) towards overbought territory.
A move above 70 in the RSI is likely to be accompanied by a further advance in AUD/JPY like the price action from earlier this year, with a break/close above 105.50 (50% Fibonacci extension) opening up the 2007 high (107.82).
However, lack of momentum to test the 2013 high (105.43) may keep the RSI out of overbought territory, with a move below the 102.85 (November 2014 high) to 103.40 (100% Fibonacci extension) region bringing the monthly low (102.62) on the radar.
--- Written by David Song, Strategist at FOREX.com
AUD/JPY Rate Outlook
AUD/JPY extends the advance from the start of the week to clear the April high (104.96), with the recent advance in the exchange rate pushing the Relative Strength Index (RSI) towards overbought territory.
A move above 70 in the RSI is likely to be accompanied by a further advance in AUD/JPY like the price action from earlier this year, with a break/close above 105.50 (50% Fibonacci extension) opening up the 2007 high (107.82).
However, lack of momentum to test the 2013 high (105.43) may keep the RSI out of overbought territory, with a move below the 102.85 (November 2014 high) to 103.40 (100% Fibonacci extension) region bringing the monthly low (102.62) on the radar.
--- Written by David Song, Strategist at FOREX.com
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