AUDJPY: Price May Continue Its Bullish Momentum

AUDJPY is facing an increase in buying pressure and may continue in the same direction if it breaks $97.570
Overall market sentiment regarding the pair remains bullish.

AUDJPY Weekly Price Analysis – July 2
The AUDJPY pair is on the positive side today. AUDJPY price may continue its bullish momentum. If the currency pair could sustain above the pattern supply trend line at $97.570, the Yen price may trigger up to the overhead resistance mark at the $100.000 level, thus a clear buy signal.

AUDJPY Market
Key Levels:
Resistance levels: $94.000, $95.000, $96.000
Support levels: $90.000, $89.000, $87.000

AUDJPY Long-term Trend: Bullish (Daily Chart)
AUDJPY is currently trading in the bullish trend market in the long-term outlook. The price currently trades above the two EMAs. This breakout triggers a smooth bull cycle pattern, which in theory, should lead the prices to an overhead trend line.

The impulse move by the bulls at the $96.010 supply level during yesterday’s session has made the Yen price remain above the supply levels in its recent high.

Today’s daily bullish candle at $95.759 which further rises to a $96.293 supply mark above the moving averages confirms the bulls’ dominance in the market. However, bullish signals above the level of $96.010 indicate a possible further increase in the market value.

Further, the AUDJPY price indicates an upward momentum on the daily signal, this indicates that the pair will continue to increase to the upsides and this may get to the $100.000 upper resistance trend mark soon in its long-term outlook.

AUDJPY Medium-term Trend: Bullish (4H Chart)
In the medium-term time frame, the price made higher highs and higher lows and has recently confirmed its bullish trend. The prices are slightly above the moving averages which are glued together.

Pressure from the bulls at the $96.037 high value has sustained the price above the supply levels in its recent high.

Earlier today, the price of AUDJPY rose to the $96.293 resistance value after which the bears dropped the price to the $96.031 supply value above the two EMAs; this indicates an uptrend in the context of the strength of the market.

Further, staying above the supply levels might increase the market price of AUDJPY if the bulls could push harder and exchange hands with the bears at the mentioned support.

In light of this, the price of AUDJPY may rise further to hit the $100.000 upper resistance value in the days ahead in its medium-term outlook.

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