AUDJPY: Price Might Retest the $98.58 Upper High Mark

The AUDJPY pair is in a bullish scenario in both time frames.
The long traders remain dominant in the market.

AUDJPY Weekly Price Analysis – November 19
In the previous actions, AUDJPY has been having high interference from buyers which really made it easier for the currency pair to maintain stable upside moves. Should the Yen price turn up from the $96.93 support, the price might retest and jump above the $98.58 supply mark which would render any bearish thesis invalid and create a good time for buyers to take positions.

AUDJPY Market
Key Levels:
Resistance levels: $95.00, $96.00, $97.00
Support levels: $92.00, $91.00, $90.00

AUDJPY Long-term Trend: Bullish
On the long-term outlook, the AUDJPY market still trades in a bullish trend and the price might retest the upper high mark soon. The sustained bullish pressure at the $98.58 level in the past few days actually made it possible for the Yen to retain the upward strength in its recent high.

Today’s daily chart opens with a bearish pin bar candle at a $96.93 low value above the EMA-50 as sellers return briefly. This suggests an uptrend. Nevertheless, today’s price drop has still not stalled the bull run as it remains intact.

If the bulls should increase their price action, and bullish momentum is sustained far above the resistance trend lines, further bearish sentiment will be hibernated and the AUDJPY price might likely retest the $98.58 previous high to boost the recovery rally.

Additionally, the price of AUDJPY now approaches the oversold region, which means that the price drops will soon. This will bring the emergence of more buyers to further increase the Yen price. In that case, the price of AUDJPY might retest the $98.58 high mark soon in the higher time frame.

AUDJPY Medium-term trend: Bullish
The momentum on the medium-term time frame is also distinctly bullish. The bulls are moving steadily upwards above the EMA-50, from the look of things, the price of AUDJPY might retest the $98.58 upper high mark soon.

The market was propelled higher by the bulls until it reached a new high at the $97.45 resistance mark above the moving average of 50 as the 4-hour session commences today. This shows the level and the high impact of the buy investors on the market.

Hence, a possible breakout from the mentioned support level will provide a higher float for buyers and prolong the ongoing recovery.

Notably, it is very likely for the Yen price to rise further as the market is now pointing up at the oversold region, this means that the buying pressure will continue which could lead the price of AUDJPY to retest the $98.58 upper high mark soon in its medium-term scenario.

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