Published: 2023-12-12T07:01:19.000Z
Chart AUD/JPY Update: Corrective bounce to give way to selling pressure later
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| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 97.67 | * | Jun high | S1 | 95.00 | congestion | ||
| R3 | 96.83 | * | 21 Nov low | S2 | 93.70 | * | 7 Dec low | |
| R2 | 96.25 | * | 5 Dec low | S3 | 93.55 | * | 200-day MA | |
| R1 | 96.00 | * | congestion | S4 | 93.00 | * | Oct low |
06:50 GMT - Extending corrective bounce from the 93.70 low to reach the 96.00 level as prices unwind the oversold intraday and daily studies. Nearby see resistance at the 96.00/96.25 area and clearance will see room for extension to the strong resistance at 96.83. Correction seen giving way to selling pressure later with support now at the 95.00 level and break here needed to turn focus lower to the 93.70/93.55, low and 200-day MA. Break here will see extension of losses from the Nov YTD high and see scope to the 93.00 level.