AUDJPY: Price Rises above the Resistance Trend Levels

The AUDJPY price rises above the resistance trend levels.
Buyers remain dominant in the market at present.

USDJPY Weekly Price Analysis – May 26
Presently, the AUDJPY price which rises above the resistance trend levels is due to the high bullish impact on the currency pair. The Yen price will keep rising based on the outlook. In case the bulls’ pressure breaks up the resistance level of $104.56, the currency pair may increase further to a $105.00 upper resistance level which indeed will be a turnaround for the buy traders.

AUDJPY Market
Key Levels:
Resistance levels: $101.00, $102.00, $103.00
Support levels: $95.00, $94.00, $93.00

AUDJPY Long-term Trend: Bullish (Daily Chart)
AUDJPY remains bullish on the higher time frames. This is clear as we can see the prices rise above the resistance trend levels indicating an uptrend.

The successful push by the bulls to the $104.12 resistance value in the last few days has enhanced the Yen price to rise above the resistance trend levels for an upward performance in recent times.

The AUDJPY price on the daily chart today finds reliable resistance at around $103.90 level above the resistance trend levels, resulting in intraday gains. Hence, staying above the resistance trend lines indicates a strong possibility for a bullish correction.

Thus, if the bullish momentum is triggered and the pair is able to break up the $104.56 previous high mark, a renewed recovery sentiment would be recorded for the buy traders.

In addition to this, the daily stochastic indicates an upward trend, which means that the long traders may likely continue with the bullish correction pattern to break up further the $104.56 supply value which might further extend the USDJPY price to reach the $105.00 upper resistance level soon as it rises above the resistance trend levels in its long-term outlook.

AUDJPY Medium-term Trend: Bullish (4H Chart)
The currency pair’s orientation trades in a bullish market in its medium-term outlook. The price bars are seen above the resistance trend levels, suggesting a bullish trend.

The intervention from the bulls at the $103.66 supply value in the previous action has made the price of AUDJPY rise above the resistance trend levels in recent times.

Today, additional buying pressure pushed the price of AUDJPY to rise above the resistance trend levels at $103.90. This will however give the buy traders the tendency to further ladder up the trend. To push the price above the supply zone more buyers’ participation is a prerequisite.

In addition, there is a possibility of a further increase in the price of AUDJPY as indicated by the daily stochastic which remains in an uptrend. Therefore, if the buy traders should increase their price actions and all the current support level holds, a psychological key level at the $105.00 supply level might be reached as soon as the price rises above the resistance trend levels in its medium-term time frame.

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