AUDJPY Price Will Rise Further

The AUDJPY pair is bearish and will most likely rise further
The bulls may dominate the market soon.

AUDJPY Weekly Price Analysis – December 10
At the moment the AUDJPY pair is well on its way to the resistance. The recent market structure suggests that the price will rise further shortly. However, the price can go higher if the current support at $93.70 holds and the bulls should put in more aggressive efforts, the Yen price may reach a $99.00 upper resistance level, resulting in a buy signal for the buy traders.

AUDJPY Market
Key Levels:
Resistance levels: $93.00, $94.00, $95.00
Support levels: $90.00, $89.00, $88.00

AUDJPY Long-term Trend: Bearish (Daily chart)
The momentum on the long-term outlook looks bearish as can be seen from the chart above. The price of AUDJPY is currently trading at the resistance below the EMA-50. So it seems that the price will rise further as the bulls are about to take over and push us higher.

The intervention of the sell traders to a $93.70 low value during yesterday’s session slowed the pressure from the bulls down in recent times. Notwithstanding, the bulls are not relenting and are therefore preparing for the next uptrend.

The Yen price at a $95.59 high value below the EMA-50 as the daily chart opens today is a pullback by the bulls suggesting that the bulls are gradually returning to stage a play and with the look of things, the price will rise further.

Thus, buyers must redouble their efforts to forecast a bullish increase in the market above the $98.58 previous supply mark.

Further, the AUDJPY price will rise and may likely continue in the same bullish trend as the market is pointing up on the daily stochastic. So, the price could be ready very soon for a bullish pattern continuation. In this case, a significant level at the $99.00 upper resistance level might be the target soon in its higher time frame.

AUDJPY Medium-term Trend: Bearish (4H chart)
The AUDJPY has just resumed its bullish trend in the support area and the price will rise further soon in its medium-term time frame. The price opened lower but managed to trade in green over the past few hours.

The sustained bearish trend to a $95.18 low level during the past session has caused a price drop in its recent price level.

The AUDJPY price finds reliable resistance at around the $95.59 supply mark below the EMA-50, resulting in intraday gains as the 4-hour session resumes today. This tells that buyers are gaining access to the market in a grand style and prices will most likely rise further.

Thus, a sharp breakout and closure above the previous high of $98.58 correction phase will invalidate any bearish thesis.

In addition, further upsides are likely, and the price of AUDJPY will rise further as indicated by the price signal pointing upward. This will compel the buy traders to cluster around the market to continue the bullish correction rally fully and this time around the bulls may likely hit the $99.00 supply level soon in the medium-term time frame.

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