Published: 2025-01-23T07:32:59.000Z
Chart AUD/JPY Update: Extending gains within a 2-month range area
Technical Analyst
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Rally to break above the 98.00 level has seen extension from the 96.00 level to reach the July trendline at 98.33
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 100.00 | * | congestion | S1 | 97.00 | * | congestion | |
| R3 | 99.42 | ** | 15 Nov low | S2 | 96.00 | * | congestion | |
| R2 | 99.00 | * | congestion | S3 | 95.52 | ** | 6 Dec low | |
| R1 | 98.33 | * | 22 Jan high | S4 | 94.85 | * | 61.8% Aug/Nov rally |
Asterisk denotes strength of level
07:30 GMT - Rally to break above the 98.00 level has seen extension from the 96.00 level to reach the July trendline at 98.33. Clearance here will open up room for retest of strong resistance at the 99.00/99.42 area. However, the latter expected to cap and see the 2-month ranging action from the start of December giving way to selling pressure. Break of support at the 96.00 level and the December low at 95.52 will extend the broader losses from the November high at 102.40 and see room to 95.00 level then the 94.85, 61.8% Fibonacci level.