AUDJPY: Price Is Trending Upwards and This May Continue

The currency pair remains in a bullish market zone.
Buyers still dominate the market slightly.

AUDJPY Weekly Price Analysis – April 17
At the moment the AUDJPY faces the positive side as the bulls aim to drag the market price to the resistance level of $94.319.

AUDJPY Market
Key Levels:

Resistance levels:  $93.800, $93.850, $93.900
Support levels:       $90.750, $90.650, $90.550

AUDJPY Long-term Trend: BullishDespite the interference of sellers in the price flow, the daily chart market shows a bullish race. The moving averages have already widened their gap, indicating that the bulls are regaining market strength. The sustained bearish pressure pushed the currency pair down to the $93.121 support level during yesterday’s session and sustained it.

The bears lost the momentum, as the daily chart opens today with the formation of a bullish pin bar candle at the $93.325 resistance level as the buyers continue to dictate the market at the moment.

Increase momentum by the bulls moves the market price of the Yen further up to the $93.456 resistance level as it journeys up north.

The market value of AUDJPY is initially up at the $93.760 resistance level above the two EMAs, an indication of an upward trend in the context of the strength of the market.

The momentum indicator shows that the price signal is also moving upward at around level 78% as we expect the price distribution to reach the $94.319 significant level in the days ahead in its long-term perspective.

AUDJPY Medium-term Trend: BullishOn the 4-hour chart, the pair is in an upward move. The price movement of AUDJPY is currently seen to be in the bull’s direction in the medium-term outlook. The sustained bearish pressure moved the pair down to the $93.306  support level during yesterday’s session after which the buyers inroad briefly moved the price up to the $93.325 resistance level and sustained it.

The price action rises significantly to the $93.517 resistance level as the 4-hourly chart opens today.

The buyers’ activities further move the market price of AUDJPY further up to the $93.760 resistance level.

The momentum was lost as the bears resumes briefly and drop the market price down to the $93.350 support level.

The market value of the pair is now up at the $93.480 resistance level as the bulls move into the market again to take the price up north.

The price of the Yen is slightly below EMA-9 and above EMA-50; this implies an uptrend in the context of the strength of the market.

The daily stochastic which is pointing up at around level 62% approaching the overbought region also indicates that the price of AUDJPY is in an uptrend and may likely remain or continue in the same direction in the nearby days in its medium-term outlook.

Therefore, buyers may take their position as desired.

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