AUD/JPY Eyes 1991 High After Clearing 2007 High
AUD/JPY may attempt to test the 1991 high (109.70) as it pushes above the opening range for July.
AUD/JPY Rate Outlook
AUD/JPY continues to register fresh yearly highs after clearing the 2007 high (107.82), with the ongoing rally in the exchange rate keeping Relative Strength Index (RSI) in overbought territory.
AUD/JPY may continue to appreciate as the RSI holds above 70, with a breach above the 1991 high (109.70) opening up the 110.10 (61.8% Fibonacci extension) to 110.60 (161.8% Fibonacci extension) region.
However, the RSI may show the bullish momentum abating should it struggle to hold above 70, and failure to hold above the 2007 high (107.82) may push AUD/JPY back towards the 105.43 (2013 high) to 105.50 (50% Fibonacci extension) area.
--- Written by David Song, Strategist at FOREX.com
AUD/JPY Rate Outlook
AUD/JPY continues to register fresh yearly highs after clearing the 2007 high (107.82), with the ongoing rally in the exchange rate keeping Relative Strength Index (RSI) in overbought territory.
AUD/JPY may continue to appreciate as the RSI holds above 70, with a breach above the 1991 high (109.70) opening up the 110.10 (61.8% Fibonacci extension) to 110.60 (161.8% Fibonacci extension) region.
However, the RSI may show the bullish momentum abating should it struggle to hold above 70, and failure to hold above the 2007 high (107.82) may push AUD/JPY back towards the 105.43 (2013 high) to 105.50 (50% Fibonacci extension) area.
--- Written by David Song, Strategist at FOREX.com
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