AUD/JPY holding above 50% Fibonacci zone

AUD/JPY holding above 50% Fibonacci zone

AUD/JPY has entered in a consolidative phase below the 200 SMA at H4 chart, favoring to the bears so far. Technically, the pair tested the 50% Fibonacci retracement level at 85.55, at which we can expect a rebound to take place in order to reach the mid-term target around the -23.6% Fibo level at 81.71. Overall, we can’t rule out another leg lower to test the 65% Fibo zone at 84.40.

RSI indicator remains in the positive territory, favoring to the bullish bias across the board.

AUDJPYmH4.png

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