AUDJPY: Price May Possibly Hit the $98.388 Supply Level Soon

The AUDJPY pair is in a bullish scenario.
The currency pair is very likely to continue growing to the upside.

AUDJPY Weekly Price Analysis – April 9
At the moment the AUDJPY market is trading in an uptrend. Should the bulls prove stronger and the Yen price sustains above the $95.444 high level, the potential rally could surge higher to hit the $98.388 previous high and beyond.

AUDJPY Market
Key Levels:
Resistance levels: $95.500, $95.600, $95.700
Support levels: $87.000, $86.000, $85.000

AUDJPY Long-term Trend: Bearish
AUDJPY’s price is bearish. The market now trades below the moving averages; this affirms its bearish race in its long-term outlook.

The bears’ drop to the $87.597 low level, during yesterday’s session has made the currency pair remain in a downtrend zone in its recent high. Meanwhile, the bulls are now involved in the order flow, as the bulls are about to take over and push us higher.

Hence, after completing the lows, the AUDJPY price has moved up to the $88.082 high level below the two EMAs as a pullback from the bulls as the daily chart resumes today. This suggests the return of the bulls to the market to move the price of the Yen higher.

The impulse move by the bulls further moves the price of AUDJPY up to the $88.256 resistance level below the two EMAs; this is a result of more concerns from the buy investors.

Therefore should the bulls increase their swagger in the market, the price is poised to pump up above the key resistance level around $96.355.

In addition to that, the momentum indicator which is pointing up indicates that the price of AUDJPY is in an uptrend and may possibly remain in that direction to hit the $98.388 supply level and beyond soon in the higher time frame.

AUDJPY Medium-term Trend: BullishThe momentum on the medium-term time frame is now bullish. Nevertheless, it seems the bulls will take over the price of AUDJPY soon and push us higher as the market now trades in an uptrend.

The bulls’ increase to the $88.156 supply value during the previous action has sustained the Yen price above the supply levels in recent times.

The bulls pushed the currency pair up to the $88.181 supply level above the EMA-9 after which the bears drove the price down to the $87.970 support value above the EMA-9 as the 4-hourly chart resumes today. Thus, staying above the moving average will make it capable for the Yen to rise further.

Further, the AUDJPY price is pointing up, indicating an uptrend as shown by the price indicator; it means that the buying pressure will continue. As a result of that, the bullish race might possibly hit the $98.388 resistance level and beyond in the coming days in its medium-term outlook.

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