AUDJPY: Bulls Are Gaining Strength

The bulls are gaining strength in the AUDJPY market.
Buyers are still dominating the market slightly.

AUDJPY Weekly Price Analysis – May 5
The bulls are gaining strength gradually in the AUDJPY market at the moment. From the look of things, the Yen price may continue its bullish movement if buyers should aggressively increase their activities in the market. The coin might further climb up to the $104.00 upper resistance level and beyond.

AUDJPY Market
Key Levels:
Resistance levels: $99.00, $100.00, $102.00
Support levels: $90.00, $89.00, $88.00

AUDJPY Long-term Trend: Bullish (Daily Chart)
The AUDJPY bulls are gaining strength and experiencing a jolly bullish move in its long-term view. The coin price is now trading above the moving averages with huge volumes from the bulls. Thus, the recent market structure has favored the bulls.

The sustained bullish pressure was able to push the currency pair upside to a $100.79 level before the end of yesterday’s session; this has enhanced the Yen price to remain firm and gain strength above the supply levels in its recent high.

Today, the market price of AUDJPY at the $101.19 high level which is above the moving averages as the daily chart opens implies that the bulls are gaining strength and the price is in an uptrend, from the way it is at the moment, it will keep growing.

Hence, there is a tendency for the coin to rise further, if the support level holds, this will enable buyers to take the price up to the previous high of $103.47 and the $104.00 upper resistance level might be the target soon in its long-term perspective.

AUDJPY Medium-term Trend: Bullish (4H Chart)
On the 4-hour chart, the AUDJPY bulls are gradually gaining strength as the Yen price is facing the resistance level. The price movement of AUDJPY is currently seen to be in the bull’s direction below the supply trend levels.

The sustained bearish pressure moved the pair down to the $100.49 support level during yesterday’s session which has made the price stay below the supply levels in its recent high.

At the time of writing this article, the price action of AUDJPY has risen significantly to the $101.19 resistance level below the moving average as the 4-hourly chart opens today. This suggests that the bulls are gradually gaining strength in the market.

However, the AUDJPY bulls are gaining strength gradually as we can see a new corrective move by the bulls at the support levels. Thus, a strong break above the $103.63 previous high mark will put further selling pressure into hibernation.

In addition, the daily stochastic which is pointing up at around level 41% also indicates that the AUDJPY bulls might continue gaining strength and remain in an uptrend. As a result, the pair might reach the $104.00 upper high level soon in its medium-term outlook.
Therefore, buyers may wait for this action to take place before taking a position as desired.

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