Chart AUD/JPY Update: Consolidating, room to extend corrective gains
Drifting narrowly below the 94.83 high of last week as prices consolidate bounce from the 92.30 low of last week
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 97.00 | * | congestion | S1 | 94.00 | * | congestion | |
| R3 | 96.15 | * | 61.8% Nov/Apr fall | S2 | 93.20 | * | congestion | |
| R2 | 95.50 | ** | Dec low | S3 | 92.30/00 | ** | 13 Jun low, congestion | |
| R1 | 94.83 | ** | 17 Jun high | S4 | 91.64 | * | 23 May low |
Asterisk denotes strength of level
06:35 GMT - Drifting narrowly below the 94.83 high of last week as prices consolidate bounce from the 92.30 low of last week. The resulting pennant suggest scope for break to extend gains from the latter towards strong resistance at 95.50, May high and congestion area. Clearance here will further extend the April gains to 96.15, 61.8% Fibonacci level. However, gains are seen corrective of the November/April losses and are expected to give way to renewed selling pressure later. Meanwhile, support at the 94.00/93.20 congestion is expected to underpin. Below this will return focus to the downside for retest of strong support at the 92.30/92.00 area.