The currency pair is likely to rise soon.
Price pullback is pertinent at the current support level.
AUDJPY Weekly Price Analysis – April 14
The AUDJPY pair may rise soon, but the Yen at the moment is facing the downside. Meanwhile, the pair might finish the downward correction and start reversing soon. If this is achieved, the target may be the $100.80 previous high level which could further expose the currency pair to the $104.00 upper resistance level. Hence: sellers’ relief.
AUDJPY Market
Key Levels:
Resistance levels: $97.00, $98.00, $99.00
Support levels: $94.00, $93.00, $92.00
AUDJPY Long-term Trend: Bullish
The market price of AUDJPY is set to rise soon, as we can see the bears putting in their heads: nevertheless, the pair remains bullish on the daily chart. The price bar is seen above the moving averages, confirming its bullishness.
The high bullish impact on the pair at the $100.23 high level during the previous session has made the Yen price rise above the supply level in recent times.
The bulls lost momentum, as the bears dropped the price of AUDJPY down to a $100.18 low level above the moving average.
The price of AUDJPY is initially down at $98.73 in the support area above the EMA-50, an indication that the momentum is in an uptrend in the context of the strength of the market.
Meanwhile, today’s price drop has not stale the market price as it remains in an uptrend. Thus, staying above the supply level will give the pair the tendency to rise soon.
In addition, the price of AUDJPY is approaching the oversold region of the daily stochastic by pointing down at around level 29%. This indicates that the currency pair might experience a trend reversal to rise soon, and in this case, the previous high of $100.80 could be retested which might lead the pair to the $104.00 upper resistance level and a buy signal in its higher time frame.
AUDJPY Medium-term Trend: Bearish
Analyzing the chart below, we can see that the AUDJPY price is about to rise soon in its medium-term outlook. The bulls have resumed the new correction pattern but have yet to reach their goals.
Activities from the sell traders on the currency pair to a $99.18 low value in the previous session have made the Yen price stay below the supply trend line in its recent price level.
Meanwhile, the price is set to rise soon as we can see a new bullish pattern taking place at the moment.
After completing the low dips at the $98.98 support level, buyers made a pullback to a $99.20 high level below the EMA-50 as the 4-hourly chart opens today. This suggests that the price of AUDJPY is likely to rise soon as buyers are returning to the market gradually to stage a play.
Thus, if the bulls could put more effort into the buying momentum, the pair may rise further to retest the $100.39 previous high level, resulting in an intraday gain for the buy traders.
Hence, AUDJPY is showing more upside possibilities as indicated by the daily stochastic which remains in an uptrend, we therefore expect the price to rise soon and this might likely reach a high at $104.00 high level soon in its medium-term view.
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.
Leave a Reply