The price bars are above the moving averages which makes it capable of rising further to the upper resistance.
Buy traders may take their position as desired.
AUDJPY Weekly Price Analysis – June 4
AUDJPY is currently trading in a strong bullish market. The Yen might likely increase further, if the bulls could add more strength to their potential buying and the market price sustains above the $95.444 high mark, the potential rally could surge above the $98.388 higher level to hit the $100.00 upper resistance value and beyond.
AUDJPY Market
Key Levels:
Resistance levels: $93.000, $94.000 $95.000
Support levels: $86.000, $85.000, $84.000
AUDJPY Long-term Trend: Bullish
AUDJPY pair is in a positive movement today. The price is strongly trading in a bullish momentum in its higher time frame. This looks nice for the buy trader and signifies a buy signal.
In the previous actions the Yen has been having high interference from buyers which really made it easier for the pair to maintain a stable upside moves in its recent time.
The price breakout at the $91.916 resistance value above the two EMAs as the daily chart opens today indicates the high buying impact from the bulls resulting in intraday gains.
Moreover, the price pattern warns of prolonged buying with the double bottom forming in the long-term chart.
Based on the outlook, should the bulls go higher and close above the $98.388 high mark, a bullish breakout confirmation will reflects the improved market sentiment.
Similar to that, the underlying sentiment suggests an uptrend continuation in the coming days as indicated by the daily stochastic. It is expected of buyers to push the price of AUDJPY further up to a significant level in the upsides and in this case the target might be $100.00 upper resistance level in the higher time frame.
AUDJPY Medium-term Trend: Bullish
On the medium-term time frame, prices of AUDJPY are above the moving averages and have confirmed a bullish momentum breaking the previous high. The pair is in a smooth uptrend as can be seen from the chart below.
The sustained bullish pressure pushed the currency pair up to the $91.838 supply level during yesterday’s session and sustained it. This has made it capable for the pair to remain firm in an uptrend in its recent high.
The price of AUDJPY rises significantly above the resistance trend lines at the $91.916 level as the 4-hourly chart begins today. This is due to a high bullish impact on the market price.
Hence, AUDJPY is showing more upside possibility as indicated by the daily stochastic which is pointing in an upward direction. We can certainly expect more gains and strength from the pair as the bulls continue to dictate the market conditions. The pair may likely reach the $100.00 resistance level in the days ahead in its medium-term perspective.
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