AUD/JPY consolidates around 200-hr SMA, 83.17 in sight

AUD/JPY consolidates around 200-hr SMA, 83.17 in sight

AUD/JPY is looking to make a corrective move in favor of the bears, following a strong resistance found around 82.77. As of now, the pair is reaching the 200 SMA at H1 chart, which coincides with the Fibonacci area of 38.2% at 82.14 and where a rebound could happen in order to extend gains across the board. However, we cannot discard a leg lower to test the Fibonacci level of 61.85% at 81.75 and then the pair could be on its way to reach the 83.17 area, where lies a Fibonacci level of -23.6%.

RSI indicator stays in the neutral territory, calling for further sideways consolidation.

AUDJPYH1.png

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