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Fan Yang

AUD/JPY is Now at Key Support

Last time we looked at AUD/JPY, we noted that it was sliding, but also had a key support area coming up. As price slides to 82.00, the market is now testing the key support area. 

AUD/JPY Daily Chart

(click to enlarge)

Support:
- The daily chart shows that around 82, price is testing 3 factors.
1) The 200-day simple moving average
2) A rising trendline
3) A previous resistance that could turn into support.
- Furthermore, the RSI is now below 30. This suggests the market is oversold if the prevailing trend was bullish. Indeed, MGM has been bullish since July last year. 
- I think we can anticipate here around 82. 
- Those with patience might even wait to see if price will form a bullish divergence with the daily RSI. If it does, we would have even more reason to believe that a bullish swing is due.  

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