AUDJPY – Gaining Momentum

Upward pressure still dominates both the long-term and medium-term time frame.
Buyers may put in their aggressive orders at key areas

AUDJPY Weekly Price Analysis – May 16
AUDJPY price now trades at the top part of the resistance at a level of $85.062.

AUDJPY Market
Key Levels:

Resistance levels: $85.230, $85.235 $85.240
Support levels:      $76.295, $76.290, $76.285

AUDJPY Long-term Trend: BullishThe currency pair is in an upward move in its Long-term perspective as can be seen undeniably from the daily chart. The sustained bearish pressure dropped the pair to $84.293 and closes at $84.567 in the support area during yesterday’s session.

Today’s daily chart at $84.567 opens with a bullish candle in the resistance area.

The journey up north continues as the bulls move the price up to $85.170 above the two EMAs which are fanned apart in the resistance area, which is an indication that the momentum in the price of the currency pair is in an uptrend.

Meanwhile, the stochastic oscillator signal pointing downwards at around level 54% in the overbought region suggests the momentum in the price of AUDJPY might experience a trend reversal in its long-term perspective.

AUDJPY Medium-term Trend: BullishThe momentum on the medium-term time frame is in an upward move. The bulls are actually taken over.

Today’s 4-hour chart opens with a bullish doji candle at $84.611 in the resistance area as the buyers are coming in a grand style. An indication of a trend reversal.

The journey up north continues as the AUDJPY price increases further to $85.106 in the resistance area.

The bears return briefly and drop the currency price to $85.056 in the support area during the 4-hourly session continues. Price is above the two EMAs this implies the bulls are in control of the market at the moment.

AUD/JPY pair is above the 80% range of the daily stochastic. It indicates that the pair is in a bullish momentum in its medium-term outlook.

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