AUD/JPY Eyes 2007 with RSI in Overbought Zone
AUD/JPY may attempt to test the 2007 high (107.82) as it breaks out of the range bound price action from earlier this week.
AUD/JPY Rate Outlook
AUD/JPY trades to a fresh yearly high (106.95) with the recent rally in the exchange rate pushing the Relative Strength Index (RSI) into overbought territory.
The move above 70 in the RSI is likely to be accompanied by a further advance in AUD/JPY like the price action from earlier this year, with a breach above the 2007 high (107.82) opening up the 110.10 (61.8% Fibonacci extension) to 110.60 (161.8% Fibonacci extension) region.
Nevertheless, the RSI may show the bullish momentum abating should it struggle to hold above 70, with a move below 105.50 (50% Fibonacci extension) bringing the 102.85 (November 2014 high) to 103.40 (100% Fibonacci extension) area on the radar.
--- Written by David Song, Strategist at FOREX.com
AUD/JPY Rate Outlook
AUD/JPY trades to a fresh yearly high (106.95) with the recent rally in the exchange rate pushing the Relative Strength Index (RSI) into overbought territory.
The move above 70 in the RSI is likely to be accompanied by a further advance in AUD/JPY like the price action from earlier this year, with a breach above the 2007 high (107.82) opening up the 110.10 (61.8% Fibonacci extension) to 110.60 (161.8% Fibonacci extension) region.
Nevertheless, the RSI may show the bullish momentum abating should it struggle to hold above 70, with a move below 105.50 (50% Fibonacci extension) bringing the 102.85 (November 2014 high) to 103.40 (100% Fibonacci extension) area on the radar.
--- Written by David Song, Strategist at FOREX.com
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