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AUDJPY Analysis – AUDJPY Anticipates a Bullish Rise With Buy Traders Revalidating the Trend Line
AUDJPY anticipates a bullish rise as buyers brace for the 96.780 key zone. We have recently seen a break in the price movement following the long streak of price range between the trend channel. The buyers have therefore been quite determined to continue mobilizing their strength as we expect the AUDJPY price to extend its flow up to the 96.780 key zone. This key level has only been tested once in recent times. However, since the price has risen to this level, the buy side of the market has been unwilling to even attempt to break through.
AUDJPY Price Levels
Resistance Levels: 96.780, 92.170
Support Levels: 87.830, 78.910
AUDJPY Long Term Trend: Bullish
The bulls have been uniformly distributing price moments for a period of time in the AUDJPY market. The AUDJPY daily chart has shown us how buyers outweighed the sellers by rising from the 78.910 key zone of the market with quite a number of order blocks smashed through. The buy traders raised the price tendency with a strong volume run above the 87.830 key level before the pressure began to drop. However, with a decline in bullish pressure, we began to see sellers engaging themselves in the market.
The buying strength, however, continued with its movements after picking up its buying power at the 87.830 key level. The bulls were able to keep the AUDJPY price moving to the key zone of 96.780 thanks to buy-side liquidity flowing into it. Price consolidation is seen playing out since buyers are quite relaxed about pushing prices further. Recently, we have seen a breakout from the consolidation trend. The buyers are already building up following the price pullback to the trend line. The Chainkin Money Flow indicator still confirms that buying strength is still overwhelming the market.
AUDJPY Short Term Trend: Bullish
The 4hr chart is showing us buying pressure from the buyers’ side. We have seen a pullback to the trend line. However, the buyers are still aiming to trade further beyond the 96.780 key zone. Despite sellers’ hindrance, buyers are still anticipating more orders in the market.
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