AUDJPY – Looks Good For the Bulls

The currency pair looks good for the bulls
The long-term and the medium-term are both in an upward momentum
Buyers may put in their aggressive orders at key areas

AUDJPY Weekly Price Analysis – May 19
The AUDJPY pair currently looks good for the bulls to buy as the Yen price is approaching the upper resistance level. The pair is trading in an uptrend channel and has broken the resistance level. The Yen price suggests a favorable buying opportunity with the buy zone identified at the $104.00 level. If the bulls could push up and the Yen price sustained above the $104.00 current supply trend line, the price may trigger up to the overhead resistance mark at the $105.00 level, indicating a long position for buy traders.

AUDJPY Market
Key Levels:
Resistance levels: $102.00, $103.00 $104.00
Support levels:    $94.00, $93.00, $92.00

AUDJPY Long-term trend: Bullish (Daily Chart)
The currency pair is in an upward move and also looks good for the bulls in its long-term perspective as can be seen undeniably from the daily chart.

The sustained bullish pressure pushed the pair up during yesterday’s session to $103.64 and closed at the $103.71 resistance level. This has made it possible for the Yen price to remain above the supply levels and looks good for the bulls in its recent high.

The journey up north continues as the daily chart opens today with a bullish candle at the $103.71 high value.

AUDJPY is up at $104.00 in the resistance area above the EMA-50, this looks good for the bulls and also confirms their’ dominance in the market.

However, there are bullish signals above the level of $103.71 which indicates a possible further increase in the market value of the pair.

Additionally, the stochastic oscillator signal pointing up at around level 88% in the overbought region indicates a possible rise of the pair in the days ahead. In this case, a continuation of an upward trend to the $105.00 upper resistance level may be reached soon in its higher time frame.

AUDJPY Medium-term trend: Bullish (4H Chart)
The momentum on the medium-term time frame is also distinctly bullish and looks good for the bulls. It seems the bulls are taking over and pushing us higher.

The increase in the momentum by the bulls at the $103.75 supply value during the previous session has enabled the AUDJPY price to stay strong above the resistance lines and looks good for the bulls in recent times.

The market price of AUDJPY which is above the EMA line at the $103.90 supply level as the 4-hourly chart opens today; affirms the presence of more buyers in the market and also looks good for the bulls to buy.

Hence, an upside breakout above the $103.63 mark with a 4-hourly candle closing will offer buyers a solid foothold to push the AUDJPY price higher.

Adding to that, the currency pair is pointing up around the level 73% range of the daily stochastic; this implies the bulls may continue to dictate market direction. In light of this, the next price target could be the $105.00 upper high level soon as the Yen looks good to buy for the bulls in its medium-term outlook. Hence, buyers may take a position as desired.

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