AUDJPY – Looks Good For The Bulls

The Long-term and the Medium-term are both in upward momentum.
Buyers may put in their aggressive orders at key areas.

AUDJPY Weekly Price Analysis – May 9
AUDJPY price is getting close to the current resistance level of $86.444 in the upper resistance area.

AUDJPY Market
Key Levels:

Resistance levels: $85.125, $85.130 $85.135
Support levels:      $76.244, $76.144, $76.044

AUDJPY Long-term Trend: BullishThe currency pair is in an upward move in its Long-term perspective as can be seen undeniably from the daily chart. The sustained bullish pressure pushed the pair up during yesterday’s session to $84.933 and closes at $84.879 in the resistance area.

The journey up north continues as the daily chart opens today with a bullish candle at $84.894.

AUDJPY is up at $85.315 in the resistance area above the two EMAs, this suggests the bulls are making in-road to the market.

However, the stochastic oscillator signal pointing up at around level 88% in the overbought region indicates a possible rise of the pair in the days ahead. In this case a continuation of an upward trend.

AUDJPY Medium-term Trend: BullishThe momentum on the medium-term time frame is also distinctly bullish. It seems the bulls are taking over and pushing us higher.

Today’s 4-hour chart opens with a bearish pin bar candle at $84.902 in the support area as the sellers return briefly.

Activities from the buyers push the pair up to level $85.315 in the resistance area. The bears set in again and drop the currency pair to $85.119 in the support area.
The Price trading above the two EMAs suggests the momentum in the price of the currency pair is in an uptrend.

The stochastic oscillator signal pointing up at around level 89% in the overbought region suggests an upward momentum in the price of AUDJPY in the medium term. Likewise, the two EMAs sloping upward is an indication of an uptrend.

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