AUD/JPY Outlook Hinges on Response to 50-Day SMA
AUD/JPY appears to be stuck in a narrow range, but the exchange rate may track the positive slope in the 50-Day SMA (97.37) as it holds above the moving average.
AUD/JPY Rate Outlook
AUD/JPY may attempt to retrace the decline from the February high (99.06) if it breaks out of the opening range for March, with a break/close above the 98.77 (2022 high) to 99.00 (61.8% Fibonacci extension) region opening up 100.90 (78.6% Fibonacci extension).
However, failure to track the positive slope in the moving average may push AUD/JPY towards the 96.10 (78.6% Fibonacci retracement) to 96.20 (38.2% Fibonacci extension) area, with the next region of interest coming in around the February low (95.50).
--- Written by David Song, Strategist
AUD/JPY Rate Outlook
AUD/JPY may attempt to retrace the decline from the February high (99.06) if it breaks out of the opening range for March, with a break/close above the 98.77 (2022 high) to 99.00 (61.8% Fibonacci extension) region opening up 100.90 (78.6% Fibonacci extension).
However, failure to track the positive slope in the moving average may push AUD/JPY towards the 96.10 (78.6% Fibonacci retracement) to 96.20 (38.2% Fibonacci extension) area, with the next region of interest coming in around the February low (95.50).
--- Written by David Song, Strategist