AUDJPY: Price Remains Strengthened above the Supply Levels

The currency pair remains in an upside move.
The bulls are still dominating the market at the moment.

AUDJPY Weekly Price Analysis – January 28
The AUDJPY pair is facing an increase in buying pressure and also remains strengthened above the supply levels. If the buy traders are successful in holding the Yen price above the previous high value of $98.58, its upside moves could extend further to reach a $99.00 high level and beyond.

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
AUDJPY price remains strengthened above the supply levels in the long-term outlook. The daily market shows that the Yen price may now be trading in an ascending channel. Hence, with the use of appropriate forex signal tools, buyers could be on the winning side at the moment.

The high order flow from the bulls to the $97.35 level during yesterday’s session also added to this bullishness. However, the bulls remain strengthened above the supply levels and are now set to further swing up the currency pair to the upper resistance zone.

The current price of the pair at the $97.65 high level above the EMA-50 as the 4-hourly session opens today indicates an uptrend in the context of the strength of the market. This gives room for a more bullish impact on the market at the moment.

This bullish breakout will offer the first forex signal for potential recovery and provide a higher footing to push the bull rally forward.

Adding to this, there is a tendency for the AUDJPY price to rise further, if the support level holds, this will enable buyers to take the Yen price up to a high of $99.00 soon in its long-term perspective.

AUDJPY Medium-term Trend: Bullish
Despite the interference of short-term traders in the price flow, the AUDJPY also remains strengthened above the resistance zone on the medium-term outlook. Buyers are confident about gaining higher levels and this confirms their high impact in the market at the present.

The sustained bullish pressure to the $97.29 high level in the previous action has made the Yen’s price remain strengthened above the supply levels in its recent high.

Exhaustion sets in as the bears come in briefly to drop the Yen price. The drop in the price of AUDJPY to the $97.38 low value as the 4-hour chart commenced today has no serious effect on the market as the price remains in an uptrend. Thus, staying above the supply value makes it possible for the currency pair to rise further.

Furthermore, Should the bulls increase their pressure, the resistance level of $97.57 may not hold and it may extend to a $99.00 high level and beyond soon in its medium-term outlook.

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