Chart AUD/JPY Update: Settled back from test of 102.40 resistance
Break above the 102.00 level has seen gains to tag the 102.40 high of November 2024 before settling back in consolidation
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 104.00 | * | congestion | S1 | 101.00 | * | congestion | |
| R3 | 103.85 | * | 76.4% 2024/Apr low | S2 | 100.00 | * | congestion | |
| R2 | 103.00 | * | congestion | S3 | 98.80 | ** | 5 Nov low | |
| R1 | 102.00/40 | ** | congestion, Nov 2024 high | S4 | 98.40 | ** | Sep high |
Asterisk denotes strength of level
06:40 GMT - Break above the 102.00 level has seen gains to tag the 102.40 high of November 2024 before settling back in consolidation as prices unwind overbought intraday and daily studies. Bearish divergence on weekly studies highlight risk for pullback to retrace gains from the 96.25, October low. Support starts at the 101.00 level and below this will open up room for deeper correction to the 100.00 congestion and 98.80, early-November low. Meanwhile, resistance at the 102.00/102.40 area now expected to cap. Clearance, if seen, will see room for extension to 103.00/85, congestion and 76.4% Fibonacci level.