AUDJPY: Price Still Trades in an Uptrend

The currency pair remains bullish and still trades in an uptrend.
The bulls are still dominating the market at the moment.

AUDJPY Weekly Price Analysis – May 12
The AUDJPY pair still trades in an uptrend while facing an increase in buying pressure. The Yen could continue to rise upward if it breaks up the $103.47 previous resistance value and the daily candle closes above the mentioned resistance. The $104.00 upper supply level might be the target.

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 price still trades in an uptrend as the Yen rises towards the upper resistance, which acts as strong resistance in the long-term view. 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.

The sustained bullish pressure on the pair at the $102.95 supply level during yesterday’s session has made it possible for the currency pair to remain firm and still trade in an uptrend in its recent price level.

The market value of AUDJPY spikes up to the $103.05 high level above the EMA-50 as the daily session begins today; this however indicates an uptrend in the momentum of the price of the Yen.

A possible breakout from the mentioned supply level will provide a higher float for buyers and prolong the ongoing recovery.

Hence, there is a tendency for the AUDJPY price to continue with the bullish trend if the bulls do not give up. The price could still trade and remain in a bullish move to hit the $104.00 upper high levels soon on the higher time frame.

AUDJPY Medium-term Trend: Bullish (4H Chart)
The currency pair still trades in an uptrend while trending toward the overhead resistance in its medium-term outlook.

Despite the moves from the short traders, the bulls managed to push the price of the Yen up to the $102.90 supply level during the previous session which enabled the currency pair to still trade in an uptrend in recent price level.

The journey up north continues as the bulls caused a rise again to the price of AUDJPY to the $102.97 resistance value above the moving averages as the 4-hourly chart opens today. This suggests that the Yen price still trades in an uptrend and also indicates more active buy traders in the price flow.

The AUDJPY pair looks promising as the bulls remain dominant in the market at the moment. 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.

However, with the daily stochastic pointing in an upward direction, this means the AUDJPY price may continue to trade in an uptrend.

Therefore, if buyers should intensify their tension in the market and the prices break above the $103.63 resistance trend line, a bullish trend continuation to the overhead resistance of $104.00 is possible soon in the medium-term perspective.

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