AUD/JPY: Is this a short recovery or trend has changed?



On the daily chart we can see that overall stock was making successively lower lows and lower highs but after making a low of 80.49 level it could not sustain and we have seen counter attack from bull’s campaign. Well pair is still hovering between the range of 80.49 to 84.15 level in short term. Traders and investors are not ready to take the decision that is this short recovery or trend has changed?

Intraday bias remains neutral to bullish on the pair and we will get bullish confirmation once pair trade and settles above 80.43 level in short term, then only we may say that trend has been shifted from downward to upward. Presently moving averages are overlapping with each other due to that we are unable to get interpretation for the time being.

By applying the Fibonacci retracement line we can observe that it has already retraced 50% level not it’s show time for bulls that will it break the above mentioned level, if yes then we will get further bullish sentiments are expected by every traders and investors as Italy may avoid heading into another election, and prevent the chance of the next election becoming a substitute for a Euro referendum.

A bullish crossover on MACD indicator is favoring the bulls and providing trend reversal signal for the time being and RSI is also providing bullish signal from positive territory. The 0.8500 level is immediate resistance level followed by 0.8570 whereas 0.8115 level is strong key support level followed by 0.8040 level.



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