AUDJPY: Price Might Remain Upward

The AUDJPY market price might remain upward.
The bulls could be dominating the market soon.

AUDJPY Weekly Price Analysis – November 3

The AUDJPY market price might remain in an upward trend, as it is on the daily chart. Should the bulls prove stronger and the Yen price sustain above the $109.15 high level, the potential rally could surge higher to hit the $115.00 upper resistance level and beyond, resulting in a potential buy signal for the long traders.

AUDJPY Market
Key Levels:
Resistance levels: $100.00, $101.00, $102.00
Support levels: $99.00, $98.00, $97.00

AUDJPY Long-term Trend: Bullish (Daily chart)

The momentum of AUDJPY remains upward on the long-term outlook as seen from the chart below. The price of AUDJPY is currently trading at the resistance above the moving averages. So, it seems that the bulls will push us higher.

The long traders’ increase to the $100.95 supply value in the last few days has enabled the Yen price to remain upward in its recent high.

After updating the $99.99 low of yesterday, the AUDJPY momentum remains upward at $100.71 above the EMA-50 as the daily chart resumes today, proving the impact of the bulls on the currency pair.

Hence, the Yen price might remain upward if the bulls break above the $109.15 resistance point, strengthening the bullish pressure.

In addition, the AUDJPY price might remain upward and continue in the same direction as indicated by the technical indicator, signaling an uptrend. In light of this, the Yen price might remain upward to hit the $115.00 upper supply trend level in the days to come in its long-term outlook.

AUDJPY Medium-term Trend: Bearish (4H chart)

The AUDJPY price might resume an upward trend as the market approaches the oversold region in its medium-term time frame. The price bar is below the EMA-50, indicating a bearish move.

The price drop to a $100.23 support level below the moving average shortly after the opening of the 4-hourly chart today, indicates a high buying level from the bears.

Thus, if the bulls could wrestle trend control from the bears at the $100.23 current support, the AUDJPY price might turn positive and remain upward to retest the $101.68 all-time high level, bringing positive sentiment to the Yen market.

Additionally, the price of AUDJPY is approaching the oversold region, indicating the currency pair might soon remain upward and accelerate to the $115.00 upper resistance mark in the days ahead in its medium-term outlook.

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