The currency pair may swing up soon, breakout is imminent.
The bulls may take over the AUDJPY market sooner.
AUDJPY Weekly Price Analysis – December 31
The market price of AUDJPY may swing up to resume its upside moves soon, hence, the breakout is imminent. Based on the outlook, should the daily candlestick close above the $98.58 supply mark, the correction phase will extend to meet the resistance at the $99.00 supply trend line.
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
Despite the interference of sellers in the price flow, the daily chart market of AUDJPY shows a bullish race by trading above the supply levels. The chart shows that the pair could swing up and break out is imminent soon on the higher time frame. 
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 bulls’ pressure to the $97.23 high mark in the past few days has made it possible for the price to maintain an uptrend in its recent high.
The price drop by the sell traders to a $96.02 low level above the EMA-50 as the daily chart opens today has not stale the market as it remains in an uptrend. Hence, an upside swings up and breakout above the $98.58 previous high mark with a daily candle closing will offer buyers a solid foothold to push the AUDJPY price higher.
Adding to this, there is a possibility for the currency pair to swing up and a breakout is imminent as the market value now approaches the oversold region of the daily stochastic.
As a result, the AUDJPY price may likely reverse at the $96.02 support value to hit the $99.00 upper resistance mark in the upcoming days in its higher time frame.
AUDJPY Medium-term Trend: Bearish
The AUDJPY pair indicates a downward trend with a bearish sentiment in its medium-term perspective. Prices can be seen below the EMA-50 which indicates a bearish trend.
This is due to a high inflow from the sell traders. However, there is a possibility for a price swing up and a breakout is imminent as the market is presently facing resistance at the recent high.
Actions from the short traders at a $96.09 low value during yesterday’s session have dropped the AUDJPY price beneath the supply trend lines in recent times.
Price movement to a $96.45 high level below the EMA-50 as the 4-hour chart commences today is a pullback that will enable bulls’ recovery to foster a higher price resulting in an intraday gain for buyers.
This current trend will enable the price to remain on the upside and swing up or break out to the upside. This however creates a strong area of interest for buyers. A breakout above the overhead trend line could signal a change in price trend to test the previous barrier of $98.54 soon.
Hence, with the price pointing upwards on the daily stochastic means that further swing up and breakout is imminent. It is therefore expected that the buy investors will move the AUDJPY price up and may likely hit the $99.00 supply level soon in its medium-term time frame.
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