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AUD/JPY forecast for March 18, 2021

Looking at the chart on the weekly time frame, we see that the AUD/JPY pair has made a new high, breaking the levels from April 2018, and now we are looking at the previous high from January 2018 at 89.00. here now, we can expect consolidation to get the couple used to the zone around 85.00. Moving averages are on the bullish side and based on them. AUD/JPY

We can expect a continuation on the bullish side. By setting the Fibonacci retracement level, we see that the AUD/JPY pair has crossed above 78.6% of the level, and based on that, we are looking towards the 100% level at 90.00. Global vaccination and business risk reduction is a big support to the Australian dollar, and the bearish trend is not in sight now.

 

On the daily time frame, we see a strong bullish trend with the support of moving averages MA20 and EMA20. Up we can draw one trend line by connecting the previous highs, and there can be potential resistance if there is an obstacle for the continuation of the bullish trend. Looking at it this way, a pullback is possible, but only up to moving averages, where we can ask for support. The break above the trend line leads us to 86.00, and we will likely see the AUD/JPY pair at higher levels on the chart. AUD/JPY

In the four-hour time frame, we see that the AUD/JPY pair is making a potential FLAG pattern on the chart, which signifies that we can expect the bullish trend to continue after this consolidation. Our first target is 85.50 and then 86.00. Below we can ask for support at 84.50, where the AUD/JPY pair made a break above the moving averages. Below that, we have a trend line that is also a sign and support on the chart. Pullback if we see, we watch it first until 84.50, and stronger support at 84.00. AUD/JPY

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