AUDJPY Remains in Bull Market– A Bullish Signal

The overall outlook of the currency pair market is bullish in trend.
The bears may have temporal control.

AUDJPY Weekly Price Analysis – June 6
Should the bulls increase their momentum, the resistance level at $85.800 may be retest.

AUDJPY Market
Key Levels:

Resistance levels:   $85.800, $85.825 $85.850
Support levels:       $79.458, $79.450, $79.442

AUDJPY Long-term Trend: BullishThe AUDJPY pair is in an upward move in the long-term outlook. The bear’s gradual return dropped the trend of AUDJPY down to $84.304 in the support area before the close of yesterday’s session.

The currency pair may head towards $85.800 as traders turn bullish. After few days of increased actions by the bears, the momentum lost and the bulls return to take over.

Today’s daily chart at $84.420 opens on a bullish note in the resistance area.

The price of AUDJPY is initially up at $84.843 above the two EMAs in the resistance area, an indication of upward momentum in the price of the Yen.

Hence, the stochastic signal pointing down at level 57 % in the overbought region is an indication that the AUDJPY pair may likely experience a change in trend in the nearby days and in this case, a downward trend in the long term.

AUDJPY Medium-term Trend: BullishThe bear’s gradual return dropped the trend of AUDJPY down to $84.366 in the support area and $84.530 in the resistance area is the high attain during yesterday’s session.

The 4-hourly chart today opens with a bullish candle at $84.424 in the resistance area.

Pressure from the bulls further moves the price of the currency pair up to $84.716 with a long bullish candle in the resistance area.

Price is initially up at $84.843 in the resistance area with the formation of a doji candle above the two EMAs, this implies the momentum in price is in an uptrend in the context of the strength.

The stochastic signal pointing up at around level 61% in the overbought region suggests the momentum in price may likely continue to go up in the future in the medium-term outlook.

Note: Forexschoolonline.com is not a financial advisor. Do your research before
investing your funds in any financial asset or presented product or event. We
are not responsible for your investing results.