AUDJPY is preparing for the next bullish trend, a breakup is imminent.
There is a high probability of the pair going up to its recent swing high.
AUDJPY Weekly Price Analysis – August 6
AUDJPY market is about to grow again, the coin is now making its way towards the overhead resistance trend levels at the moment. Hence, the pair will rise from the support level if the current support at the $92.965 low value holds, and the daily chart closes above the $97.570 previous resistance level, and then there is a high probability that the Yen price reaches the $100.000 upper resistance level resulting into an intraday gain for the long traders.
AUDJPY Market
Key Levels:
Resistance levels: $93.000, $94.000 $95.000
Support levels: $90.000, $89.000, $88.000
AUDJPY Long-term Trend: Bearish
As an outcome of low bullish momentum, the AUDJPY pair trades in a bearish trend in the long-term outlook. The price bar can be seen trading below the two moving averages.
This is due to the high impact of short-term traders on the price flow. However, the bulls are now set to increase the trend and may likely break up the resistance level soon.
The long traders made their way into the market and pushed the market value of AUDJPY up to a $93.929 correction value below the two EMAs as the daily chart opens today; this means that the bears are getting weaker while the bulls are gradually coming into the market to stage a play. With this trend, a breakup is imminent.
Thus, the price of AUDJPY will grow further if the buy traders could add more pressure to their buying actions in the market. This may lead to the retest of $97.570 previous high which would possibly put the Yen more on the buying side.
Additionally, the daily stochastic indicates an uptrend, in this case, the price of AUDJPY might continue its bullish trend pattern and the price could rise from the support level to reach the $100.000 upper resistance level sooner in its long-term outlook.
AUDJPY Medium-term Trend: Bearish
On the medium-term outlook, the momentum is in a downward trend. The price of AUDJPY can be seen trading below the moving averages, indicating a bearish trend zone. 
The sustained bearish pressure pushed the pair down to the $93.287 support value during yesterday’s session and has made the Yen trade below the supply trend levels in recent times.
The pair rebounded from the mentioned support with a pin bar hammer candle at the $93.653 supply value below the two EMAs as the 4-hourly chart opens today. This indicates a genuine reversal which may attempt the $96.830 breakout soon.
The market participants are responding to this pattern, and its breakout should offer a good entry opportunity for long traders.
In a like manner, the daily signal indicates an uptrend, should the bulls prove stronger and increase their buying pressure, the price of AUDJPY may likely rise further to the hit the$100.000 upper resistance level, indicating a strong supply zone for a potential BUY in its medium time frame.
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