Published: 2024-11-07T08:18:03.000Z
Chart AUD/JPY Update: Extending gains above 102.00 Fibonacci level
Technical Analyst
-
Choppy trade above the 100.00 level has given way to break above the 101.70 high of October
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 104.00 | * | 22 Jul low, congestion | S1 | 100.80 | * | congestion | |
| R3 | 103.00 | * | congestion | S2 | 100.00 | * | congestion | |
| R2 | 102.60 | * | Jun low | S3 | 99.85 | ** | 2 Sep high | |
| R1 | 102.00 | * | 61.8% Jul/Aug fall | S4 | 99.00 | * | congestion |
Asterisk denotes strength of level
08:10 GMT - Choppy trade above the 100.00 level has given way to break above the 101.70 high of October to further retrace the steep July/August fall to reach the 102.00, 61.8% Fibonacci level. Break here see room for further gains to the 102.60 resistance then the 103.00 congestion. However, gains are seen corrective and expected to give way to fresh selling pressure later. Meanwhile, support is raised to the 100.80 congestion which extend to the 100.00/99.85 area. Break of the latter will return focus to the downside to retrace gains from the 94.00/93.60, September lows.