AUDJPY – Possible Reversal and Breakup to the Upside Is Imminent

The AUDJPY possible reversal and breakup to the upside is imminent.
Sellers may have a temporal dominance in the market as the selling pressure may soon be exhausted.

AUDJPY Weekly Price Analysis – April 21
At the moment the AUDJPY pair is dropping; a possible reversal and breakup to the upside is imminent at the daily current support level of $97.77. Meanwhile, the pair might finish the downward correction and start reversing soon. If this is achieved, the target may turn upside to reach the $101.00 upper resistance trend line.

AUDJPY Market
Key Levels:
Resistance levels: $96.00, $97.00 $98.00
Support levels: $92.000, $91.000, $90.000

AUDJPY Long-term trend: Bullish
There is likely to be a possible reversal and a breakup is imminent on the daily chart. Despite the interference of sellers in the price flow, the price of AUDJPY shows a bullish race.

Price is trading above the support of the price channel again. This however confirms the presence of a more bullish impact on the currency pair.

The sustained bullish pressure at the $99.53 high value on the 17th of April has made it possible for the price to remain in an upward trend in its recent price level. Meanwhile, a possible reversal and breakup is imminent as the bulls’ trend might be active soon.

The price drop to the $97.77 low value above the EMA-50 as the daily chart opens today has no serious effect on the Yen as the price remains in an uptrend.

Thus, a possible reversal and breakout from the mentioned support to the upside is imminent as the pair remains in an uptrend. A touch at the $100.80 resistance level is possible soon if the bulls can add more strength to their buying motives in the market.

In addition to that, the momentum indicator which is pointing up indicates that there is likely to be a possible reversal and a breakup to the upside is imminent soon. This could drive the AUDJPY price to hit the $101.00 supply level and beyond soon in the higher time frame.

AUDJPY Medium-term Trend: Bearish
The momentum on the medium-term time frame is now bearish. Nevertheless, a possible reversal and breakout to the upside are imminent if the bulls can adjust and push harder.

The drop to the $97.77 support value during the previous action has sustained the AUDJPY price below the supply levels in recent times. Meanwhile, a possible reversal and breakout to the upside is imminent if the bulls prove stronger enough.

The journey down south continues as the 4-hourly chart opens today with a pin bar bearish candle at the $99.14 support value below the supply moving average lines. This is an indication of a possible reversal and breakout.

Similarly, should the bulls exchange hands with the sell traders at the $99.14 low value and close above the $100.69 resistance value, the AUDJPY price might further break and increase to a $101.01 resistance level which could lead to additional gains for the buy traders in its medium-term outlook.

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