AUDJPY – Price Could Go Higher

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 –April 23
The AUDJPY pair is in an uptrend at the moment and getting close to the upper resistance levels. Therefore, if the bulls could trigger their forces in the market, the Yen price may likely turn upside from the $89.399 support value to retest its previous high at the $98.388 level which might possibly extend to a $100.000 upper 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
As shown in the chart, the price of AUDJPY is in an uptrend in its long-term outlook. The price bar can be seen slightly above the two EMAs which are glued together.

In the previous action, the price has been making both higher highs and higher lows which have made it possible for the coin to remain above the supply trend line in its recent price level.

As a result of price rejection at this level, there was an immediate reversal. Sellers dropped the Yen price lower to the $89.399 support level above the two EMAs as the daily session opens today. This signifies that the buy investors still remain dominant in the market and are actually buying the currency pair.

Hence, staying above the supply levels indicates a strong possibility for a bullish correction. A strong breakup above the $98.388 resistance point would strengthen the bullish pressure.

Therefore, buyers need to add more strength to their activities in the market to rally up to a significant level in the overhead resistance zone.

Should the AUDJPY price turn up from the $89.399 support and jump above $98.388 supply mark, the bearish thesis would get invalidated. The pair may further extend to the $100.000 resistance level in the days ahead in its higher time frame.

AUDJPY Medium-term Trend: BullishDespite the interference by the short traders, the AUDJPY pair remains in a bullish trend zone in its medium-term time frame. The price bar is above the EMA-50, this indicates an uptrend.

The Yen has dropped down to a low at the $90.311 level in the previous action and has been rejected by the bulls at the moment.

Today, the bulls recorded an increase in buying action from the $89.558 level to the $90.006 supply level above the EMA-50 on the 4-hourly chart as the bulls took to their stand in the market.

This bullish correction, however, indicates a gradual improvement in market sentiment and leads to more intraday gains in assets to higher prices.

Further, the momentum indicator shows that the price signal is also moving upward in the market. This implies that the price of AUDJPY may possibly reach the $100.000 supply trend line as we watch the currency pair market turns bullish soon in its medium-term perspective.

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