AUDJPY: Likely To Resume Uptrend Soon

AUDJPY trade continues in its bullish momentum and may breakout the upper resistance area.
Trend reversal might likely occur due to the formation of the spinning top bar.

AUDJPY Weekly Price Analysis – June 27
Sitting at resistance – might possibly retest $85.204 soon.

AUDJPY Market
Key Levels:

Resistance levels:    $85.000, $85.100, $85.200
Support levels:        $79.500, $79.400, $79.300

AUDJPY Long-term trend: BullishThe currency pair is in an uptrend. The impulsive move by the bulls at $84.167 in the resistance area during yesterday’s session sustains the bullish momentum within the range.

Today’s daily chart opens today at $84.034 in the resistance area with the formation of a spinning top bar which implies a trend reversal might occur in the future.

Activities from the buyers further move the price of AUDJPY up at $84.257 in the resistance area.

The price of the Yen is above the two EMAs and the stochastic oscillator signal pointing up at around level 64% in the overbought region is an indication of upward momentum in price.

This implies the bulls may continue to dictate market direction. Hence, buyers may take a position as desired.

AUDJPY Medium-term trend: BullishThe AUDJPY pair is in a bullish trend on the medium-term outlook. The sustained bullish pressure pushed the currency pair further up at $84.226 in the resistance area during yesterday’s session.

The bears return gradually with an initial drop to $84.142 with the formation of a doji candle, an indication of a trend reversal as the 4-hourly chart opens today.

Bulls return briefly and move the price of the Yen up to $84.254 in the resistance area.

AUDJPY is initially down at $84.012 in the support area due to the brief return of the bears.

The price which is above the two EMAs suggests that the Yen is in an uptrend in the context of the strength.

However, the stochastic signal pointing downwards at around level 68% in the overbought area suggests the momentum in the price of AUDJPY may change in the days ahead in the medium-term. Hence, a sell signal.

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