Cross-rate signals: AUD/JPY is near significant support

After a week of movement of the AUD/JPY pair in flat, this cross was never able to cross the support zone 84.20-83.70, which corresponds to the lower limit of the uplink, in which the pair AUD/JPY traded in 2017. Also, this level is supported by the level of Fibo 38.2 from the low of 2016.

If AUD/JPY prices are above the level of 83.60, one should expect the formation of a reversal and the resumption of the upward movement. Levels of the nearest resistance, from which it is worthwhile to consider the points for purchase, is the zone 84.70-90, which in the end will open the way to the resistance levels 86.20-00 and 87.70-88.00. Support is located at 84.20 and 83.70, consolidating the pair below will cancel the scenario for strengthening.

Fig. AUD/JPY. The current price is 84.20.

Hanzenko Anton