The currency pair remains in an upside move.
The bulls are still dominating the market at the moment.
AUDJPY Weekly Price Analysis – January 7
The AUDJPY price retracement may surge above the $98.58 resistance level provided the bulls add more aggression to their buying motives and all support value holds. The Yen price will most likely reverse and pull back to resistance after updating lows. If the price makes a retest at a $98.58 high mark, then the price may jump up to hit the $99.00 trend line 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 (Daily Chart)
AUDJPY price retracement may surge above the $98.58 resistance level as the Yen remains bullish on the higher time frame. This is a result of high turnover from the buy investors.
Price is trading above the resistance of the price channel again. This however confirms the presence of a more bullish impact on the currency pair.
The sustained bullish pressure was able to push the coin price upside to a $97.19 high level before the end of yesterday’s session; this has enhanced the Yen price to remain firm above the supply levels in its recent high.
The price of AUDJPY which now trades at the $97.39 supply mark above the EMA-50 is an indication that the bulls are strongly active in the market at the moment and this price retracement may surge higher above the $98.58 previous supply level if additional effort is put in place by the bulls. This will eventually make the pair gain more strength and push higher.
Additionally, more upsides are certain as the price indicator shows that the price of AUDJPY is in an uptrend. It is expected that the price retracement may surge higher to hit $99.00 at the high side soon as the market remains bullish in its long-term view.
AUDJPY Medium-term Trend: Bullish (4H Chart)
AUDJPY remains bullish on the medium-term time frames. This is clear as we can see the prices trading above the EMA-50. 
Despite the moves from the short traders, the bulls managed to push the price of the Yen up to the $97.14 supply level during the previous session and sustained its upward momentum in its recent high. Hence, the recent price retracement may surge above the $98.58 high level if the current support level holds.
The drop in the price of AUDJPY to the $96.96 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 moving average will make it possible for the Yen to rise further
Should the bulls prove stronger and the Yen price sustain above the $98.10 high level, the price retracement may surge higher to hit the $99.00 upper resistance level and beyond in its medium-term outlook.
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