The AUDJPY pair is obviously bullish and good for a buy action
Buyers may put in their aggressive orders at the key areas
AUDJPY Weekly Price Analysis –January 8
The AUDJPY pair is rising at the moment and getting close to the upper resistance levels. An increase in the bulls’ momentum may break up the resistance level of $97.913 supply value and this may extend the Yen price to the $100.000 overhead resistance trend line.
AUDJPY Market
Key Levels:
Resistance levels: $95.000, $96.000 $97.000
Support levels: $88.000, $87.000, $86.000
AUDJPY Long-term Trend: Bullish
The currency pair is in an upward move in its long-term perspective as can be seen undeniably from the daily chart. The price bar is trading above the supply level which confirms its bullishness.
The price drop to the $89.809 low value during the previous action has not really affected the currency pair.
The formation of a bullish candle at the $90.066 level which further rises to the $90.818 high value affirms the presence and high impacts of buyers and is also an indication of a trend reversal as the daily chart opens today.
The market price of AUDJPY is initially up at the $90.953 resistance level above the two EMAs; an implication that the currency pair is in an uptrend and in control of the long traders at the moment. Should the bulls increase their buying pressure, the Yen price may likely retest the previous high at the $98.388 high level.
However, the stochastic signal pointing up at around level 74 % in the overbought region is an indication that the currency pair might continue in the same direction and the bullish trend pattern might possibly reach the $100.000 high value in the days ahead in the long-term view.
AUDJPY Medium-term Trend: Bullish
The momentum on the medium-term time frame is also distinctly bullish. It seems that the bulls are taking over and pushing us higher.
The sustained bullish pressure at the $90.323 high value in the previous action has made it possible for the AUDJPY to maintain its upward strength.
The buy traders made an upward movement to the $90.455 supply trend line as the 4-hourly market opens today.
The bulls’ reactions to the market further move the price of AUDJPY up to the $90.953 resistance level above the supply trend lines, this however implies that the buy investors still remain dominant in the market at the present.
Hence, the bulls are seen clustering around the market as indicated by the daily stochastic pointing up in the oversold region. Therefore, additional pressure from the bulls might possibly push the price of the Yen up to the $100.000 supply level in the coming days in its medium-term outlook.
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