AUD/JPY Technical analysis

Note: This section contains information in English only.
Source: Dukascopy Bank SA
AUD/JPY is showing signs of a short-term bullish recovery after a sharp selloff. A double bottom near 109.15 signals a potential trend reversal, and price has since formed higher highs and higher lows. The pair is currently trading around 109.70, holding above a key support zone.



The 61.8% Fibonacci level has acted as strong support and is the key level bulls must defend. Immediate support sits near 109.57; staying above this keeps bullish momentum intact. On the upside, the main obstacle is the 110.00 psychological level, followed by 110.14 and 110.45 as resistance targets.
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