AUD/JPY October Opening Range Intact
AUD/JPY may attempt to retrace the decline from the monthly high (96.42) as it extends the advance from the start of the week.
AUD/JPY Rate Outlook
AUD/JPY continues to trend sideways after breaking out of the descending channel from earlier this year, and the exchange rate may track the flattening slope in the 50-Day SMA (94.60) as it holds within the opening range for October.
Nevertheless, a move above the 95.30 (50% Fibonacci extension) to 96.10 (78.6% Fibonacci retracement) region may lead to a test of the monthly high (96.42), with a breach above the September high (96.92) opening up the yearly high (97.67).
At the same time, failure to hold above the 93.90 (61.8% Fibonacci retracement) to 94.40 (23.6% Fibonacci retracement) area may push AUD/JPY towards the monthly low (93.06), with a close below 93.10 (38.2% Fibonacci extension) bringing the August low (92.79) on the radar.
AUD/JPY Rate Outlook
AUD/JPY continues to trend sideways after breaking out of the descending channel from earlier this year, and the exchange rate may track the flattening slope in the 50-Day SMA (94.60) as it holds within the opening range for October.
Nevertheless, a move above the 95.30 (50% Fibonacci extension) to 96.10 (78.6% Fibonacci retracement) region may lead to a test of the monthly high (96.42), with a breach above the September high (96.92) opening up the yearly high (97.67).
At the same time, failure to hold above the 93.90 (61.8% Fibonacci retracement) to 94.40 (23.6% Fibonacci retracement) area may push AUD/JPY towards the monthly low (93.06), with a close below 93.10 (38.2% Fibonacci extension) bringing the August low (92.79) on the radar.
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