The AUDJPY market is positive and will most likely continue in the same trend
The bulls remain dominant in the market.
AUDJPY Weekly Price Analysis – December 24
At the moment the AUDJPY market is gaining momentum above supply trend levels. If the bulls could prove stronger and the price shows sustainability above the $98.58 previous high point, its upside moves could extend further to reach the $99.00 upper resistance level and beyond, resulting in an intraday gain and a potential buy signal for the coin holders.
AUDJPY Market
Key Levels:
Resistance levels: $94.00, $95.00, $96.00
Support levels: $90.00, $89.00, $88.00
AUDJPY Long-term Trend: Bullish (Daily chart)
AUDJPY turns positive today again, as can be seen from the chart above. The pair is gaining momentum above supply trend levels, confirming a bullish race. So it seems that the bulls are about to take over and push us higher.
The persistent bullish pressure drove the currency pair up to a $96.76 high level during yesterday’s session and sustained it. This has made it possible for the Yen to remain firm in an uptrend in its recent high.
Today, the long traders swept the bearish momentum under the rug, by pushing the price of AUDJPY to an intra-day high of $96.90 value above the supply levels. This indicates that buyers remain dominant and have the market price at their disposal at the moment.
Further, an increase in the buying pressure might lead the price of AUDJPY to retest the previous high of $98.58 high mark, obtaining a higher footing to rise higher.
Additionally, the price of AUDJPY could continue gaining momentum above the supply level as indicated by the daily signal which is pointing upwards.
Hence, buyers could therefore aim at the psychological level of $99.00 upper resistance value soon in its long-term perspective.
AUDJPY Medium-term Trend: Bullish (4H chart)
AUDJPY prices still trade in a bullish market in its medium-term perspective. The Yen prices are seen gaining momentum above supply levels which means that the bulls are dominating.
The bullish impact on the currency pair to a $96.65 supply level during the previous action has sustained its firmness above the supply levels in its recent high.
Buyers initiate an aggressive move to a $96.90 resistance value above the averages as the 4-hour chart resumes today with an intraday gain.
With sustained buying, the price may rechallenge the $98.54 supply strength and set the potential for further growth.
Adding to that, the daily stochastic confirms that the AUDJPY price would continue gaining momentum above supply levels and remain in an upward direction by pointing upward on the daily signal.
This means that the bullish recovery pattern might continue, in light of this the price of AUDJPY could reach the $99.00 upper resistance level soon in its medium-term outlook.
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