The currency pair may break up the $98.58 supply level.
The bulls may continue dominating the market.
AUDJPY Weekly Price Analysis – February 4
The AUDJPY pair is facing an increase in buying pressure. The Yen price may break up the $98.58 supply level if the bulls could add more strength to their buying momentum in the market and close the daily candle above the mentioned resistance. The $99.00 upper supply level might be the target. Thus, suggesting a good forex signal for the long traders.
AUDJPY Market
Key Levels:
Resistance levels: $94.00, $95.00, $96.00
Support levels: $87.00, $86.00, $85.00
AUDJPY Long-term Trend: Bullish
Despite the interference of sellers in the price flow, the daily chart market of AUDJPY shows a bullish race. The bulls are ready to break up the $98.58 supply level as they take to their ground.
Price is trading slightly above the supply of the price channel again. This however confirms the presence of a more bullish impact on the currency pair.
The sustained bullish pressure to a $97.69 high value in the past few days has made it possible for the price to maintain an uptrend in its recent high.
After completing the downward move at the $95.49 low value, an increase in momentum by the bulls today moves the market price of AUDJPY further up to the $96.92 resistance level as a pullback as it journeys up north.
A possible breakout from the mentioned supply level will provide a higher float for buyers to break up the $98.58 previous high mark.
Additionally, the bullish correction at the mentioned resistance level is an indication that the bulls are planning to strongly move the price of AUDJPY to a high level at the upsides and this might break up the $98.58 supply trend line in the future in its long-term outlook.
AUDJPY Medium-term Trend: Bearish
AUDJPY is in a bearish trend in its medium-term outlook. The price bars can be sighted below the supply trend levels. However, the Yen price may break up the $98.58 supply value soon as the bulls have just resumed their rising pattern.
The high order flow from the bears during the previous session also added to this bearishness. However, the bulls are now set to increase the trend and this may break up the resistance level soon
Today, the buy traders made an impressive move to a $96.92 supply value below the moving averages to resume its uptrend. However, the buy traders could not relent, as they aimed to drag the price further to a significant level and this might break up the $98.58 supply level soon.
As of now, the price signal is pointing upwards indicating a bullish move and in this case, the price of AUDJPY will keep increasing and could break up the$98.58 to hit the $99.00 upper supply mark sooner in its -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.
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