AUDJPY: Price Could Go Higher

The currency pair is in a range-bound market in the long-term outlook and bullish in the medium-term outlook.
Traders may consider buying with a bullish reversal candlestick pattern as confirmation.

AUDJPY Weekly Price Analysis – October 3
Price may break up the $81.266 resistance level or break down the $77.915 support level.

AUDJPY Market
Key Levels:

Resistance levels:   $82.000, $83.000, $84.000
Support levels:       $78.000, $77.000, $76.000

AUDJPY Long-term Trend: RangingAUDJPY is in a sideways market in its long-term outlook. The bulls increased momentum moved price up to $80.907 in the resistance area, before the end of yesterday’s session within the range.

Today’s daily opening candle at $80.383 is bullish as the bulls remain dominant in the market.

AUDJPY increases further to $80.809 in the resistance area within the range and sustains it.

Price is above the EMA-9 an indication of more buyers present in the market and the stochastic oscillator signal pointing sideways is an indication of indecision in the context of the market trend.

AUDJPY is in consolidation and trading between $84.321 in the upper resistance area and $78.244 in the lower support area of the range.

A breakout at the upper resistance area or breakdown at the lower support area followed by a retest may occur hence patience is required to allow this to happen before a position is taken.

AUDJPY Medium-term Trend: BullishOn the 4-hourly chart, the AUDJPY price is now in a bullish trend zone. The Yen’s price is now facing another resistance at the $80.199 price level.

Today’s 4-hourly chart opens on a bearish note at $80.510 in the support area and breaks the two EMAs within the range.

Bulls return gradually and move the price of AUDJPY up to $80.765 in the resistance area.

Impulse move by the buyers’ further increase the price of the Yen with the formation of a bullish gravestone doji candle at $80.809 in the resistance area is an indication that the bulls are in charge of the market and a trend reversal may likely occur.

Price is above the two EMAs, this suggests that the momentum in the price of AUDJPY is in an uptrend.

The signal from the stochastic oscillator pointing up at around level 70% in the overbought area is an indication that momentum in the price of the Yen is in an uptrend in the medium-term.

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