The currency pair remains in an upside move.
The bulls are still dominating the market at the moment.
AUDJPY Weekly Price Analysis – May 28
The AUDJPY pair is positive today and also indicates a buying time as the price is currently running a bullish race. The Yen is facing high pressure from the bulls. Conversely, if the prices sustain above the level of $98.388, the bulls’ trend would continue upward and possibly hit the the$100.000 upper high level. Thus, a clear buy signal for the coin investors.
AUDJPY Market
Key Levels:
Resistance levels: $93.000, $94.000, $95.000
Support levels: $87.000, $86.000, $85.000
AUDJPY Long-term Trend: Bullish (Daily Chart)
AUDJPY turns positive today. Despite the interference of sellers in the price flow, the daily chart market of the currency pair shows a bullish race. Price is trading above the support of the price channel again. This however confirms the presence of a more bullish impact on the currency pair.
In the previous actions, the Yen has been having high interference from buyers which really made it easier for the cryptocurrency to maintain stable upside moves in its recent high.
The price finds reliable resistance at around the level of $91.659, resulting in intraday gains as the daily session opens today.
The crypto’s price rises to a $91.681 supply level above the two EMAs after the recent threat of increasing. Should buyers prove strong and move the AUDJPY price above the previous high at the $98.388 trend line, further selling pressure will be invalidated.
Next, the underlying sentiment suggests an uptrend continuation in the coming days as indicated by the daily stochastic pointing in an upward direction. It is expected of buyers to push the price of AUDJPY further up to a significant level and in this case, the target might be the $100.000 upper supply level in the higher time frame.
AUDJPY Medium-term Trend: Bullish (4H Chart)
On the medium chart, AUDJPY prices are above the moving averages and have confirmed a bullish momentum breaking the previous high. The pair is in a smooth uptrend as can be seen from the chart below.
Pressure from the bulls at the $91.204 high value in the previous action has sustained its upward stability in its recent high.
Today’s 4-hourly bullish candle at $91.657 which further rises to a $91.681 supply mark above the moving averages confirms the bulls’ dominance in the market. This breakout triggers a smooth bull cycle pattern, which in theory, should lead the prices to an overhead trend line.
Hence, AUDJPY is showing more upside possibilities as shown by the momentum indicator pointing upward; we can certainly expect more gains and strength from the coin. The pair may likely reach the $100.000 resistance level in the days ahead in its medium-term perspective.
Note: Forexschoolonline.com is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results.
Leave a Reply