AUD/JPY forecast for March 9, 2021
looking at the chart on the weekly time frame, we see that after a minor pullback at the end of February, the AUD/JPY pair is again advancing towards higher levels on the chart, testing the 85.00 level again soon. Moving averages are far on the bullish side, and for now, they are just supporting us. By adding Fibonacci retracement levels, we see that the pair is now still testing the 78.6% level. It is important for us that the AUD/JPY pair made a break above 61.8% level because that level in the previous period was a resistance to move to a further bullish trend.
On the daily time frame, we see that the AUD/JPY pair has excellent support in moving averages, especially in MA20, EMA20. Based on this, we can conclude that the bullish trend’s continuation is very likely to continue in the coming period. So we expect to see the couple again at 85.00. The bearish scenario needs a break below the moving average and a drop below 82.00, but we do not have such signs on the chart for now.
We see that the AUD/JPY pair has been in consolidation for the last week on the four-hour time frame, and the price ranges from 83.00-84.00. each break above us is a sign of a continuing bullish trend, while a break below 83.00 turns us around a bearish scenario pushing us to a jump to 82.00. Currently, moving averages are on the bullish side, and the AUD/JPY pair is testing the upper resistance at 94.00, expecting a break above and continuing towards higher targets on the chart.
From the news for this currency AUD/JPY pair, we can single out the following: Australian business confidence and conditions improved in February. The results of a survey by the National Bank of Australia showed on Tuesday. The business confidence index advanced to 16 from January 12. This was the highest reading since early 2010. The increase in confidence was broad-based, with all countries and industries recording an increase – except retail.
With trading conditions, profitability, and employment marked by solid improvements, the business conditions index returned to 15 points compared to 9 months ago. A similar result was last seen in December and was the highest since August 2018. The survey continues to point to a strong recovery in the business sector, despite some reduction in state support that began in late 2020, the NAB said. This is a positive sign for the economy.
Japan’s gross domestic product climbed 11.7 percent year-on-year in the fourth quarter of 2020, the cabinet office said on Tuesday. It missed expectations for growth of 12.8 percent after an increase of 22.9 percent in the previous three months. The gross domestic product grew by 2.8 percent at the quarterly level – again missing forecasts by 3.0 percent and a decline from 5.3 percent in the previous three months.
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