The currency pair is going in favor of the bulls now.
Overall market sentiment regarding the pair remains bullish.
AUDJPY Weekly Price Analysis – January 22
The AUDJPY pair is on the upside at the moment; if the bulls could push higher and the $98.388 supply level is broken up, the market price will appreciate a high at the $100.000 upper resistance trend level.
AUDJPY Market
Key Levels:
Resistance levels: $90.000, $91.000 $92.000
Support levels: $88.000, $87.000, $86.000
AUDJPY Long-term Trend: Bullish (Daily Chart)
Analyzing the chart below, we can see that the AUDJPY pair is in a bullish market in its long-term outlook. Meanwhile, activities from sellers that dropped the Yen price to the $88.144 support value during yesterday’s session have not affected the upward strength of the currency pair, as the price remains firm above the EMA-9.
The momentum from the buy traders continues as the daily chart opens today at the $88.691 high value.
The impulse move from the bulls’ further increased the price of AUDJPY up to the $90.247 supply level as the journey up north continued.
The price of AUDJPY is initially up at the $90.432 resistance level above the EMA-9, an indication that the momentum is in an uptrend in the context of the strength of the market and the buy investors remain dominant at the moment. Additional force by the bulls will invalidate any further drops in the coming days.
In addition to that, the price signals which are pointing upwards at around level 62% suggest that the overall sentiment regarding the Yen market structure is bullish and may likely continue in the same trend. We can therefore expect the buy traders to continue the trend pattern and the $100.000 high mark might be reached in the nearby days in its higher time frame.
AUDJPY Medium-term Trend: Bullish (4H Chart)
AUDJPY is in a bullish trend in its Medium-term outlook. The price bars can be sighted above the supply trend level. Despite the moves from the short traders, the bulls managed to push the price of the Yen up to the $89.177 supply level during the previous session and sustained it.
The bulls continue with the bullish momentum as the price jumped up to the $90.294 resistance value above the two moving averages as the 4-hourly chart opens today. This implies an uptrend and the bulls remain stronger in the market.
Thus, the breakdown in price at the EMAs crossover with a bearish candle down to the $90.109 support value suggests that the momentum in the price of the Yen is in an uptrend. Hence a buy signal.
Thus, staying above the moving averages gives the bulls more tendency to influence the price of the Yen.
The stochastic oscillator signals pointing downwards are an indication that the momentum in the price of the currency pair might likely remain in the same direction and as a result of this, a $100.000 high value might be the target in the days ahead in the medium-term. Hence a buy signal.
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