AUDJPY: Potential for Bullish Continuation

The currency pair remains slightly in a bullish market zone.
It is very likely to continue moving up as we are seeing a bullish correction in place in the long-term outlook.

AUDJPY Weekly Price Analysis – April 17
At the moment the AUDJPY now trades above the moving averages, this will enable the price to further rise to the upside if the bulls should exert more force on the price action in the market. The bulls may drag the market price to the resistance level of $96.000.

AUDJPY Market
Key Levels:
Resistance levels: $95.600, $95.750, $95.900
Support levels: $90.500, $90.350, $90.200

AUDJPY Long-term Trend: BullishAUDJPY is bullish in the long-term view. The bears’ pressure on the currency pair at a $92.528 low level further led to a decrease in the price of the Yen during yesterday’s session, after which the momentum was lost.

The buyer returns briefly and moved the price of the pair up to a $92.595 high level which later increases to the $93.623 resistance level slightly above the moving averages as the daily session opens today.

Staying above the moving averages will enable the market value of AUDJPY to push upsides more.

Furthermore, the Yen will rise further as indicated by the stochastic indicator pointing up at around level 43%, so we expect the upward trend to continue as the market turns bullish in the nearby days in its long-term perspective.

AUDJPY Medium-term Trend: BullishThe momentum on the medium-term view is bullish. The buyers caused a rise in the price of AUDJPY to the $93.677 resistance level after which the bears came in and dropped the price down to a $92.242 low level during yesterday’s session.

The bulls’ opens today’s daily session with a bullish candle at a $92.473 high level which later rises further to a $93.623 high level. The sellers’ inroad briefly and drop the price of the Yen down to a $93.231 low level above the moving averages. This means that the currency pair is in an uptrend.

However, if the buyers can put more force into the market, the price may likely continue in a bullish trend in the days ahead from the medium-term perspective.

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