AUDJPY Approaches 105.50 Resistance Zone
Login

AUDJPY Approaches 105.50 Resistance Zone

Estimated Reading Time: 2 minutes
Article Rating:
Based on 1 vote
Login to rate this article.

Azeez Mustapha

Updated:

Market Analysis – May 1

The AUDJPY pair exhibits a strengthening bullish momentum, notably marked by the breakout from a parallel channel with the formation of three consecutive white soldiers. This surge in momentum propelled the price past the resistance level of 102.80, edging closer to the pivotal 105.50 threshold.

Key Levels for AUDJPY

  • Demand Levels: 97.80, 95.60, 93.70
  • Supply Levels: 102.80, 105.50, 110.00

AUDJPY Approaches 105.50 Resistance Zone

AUDJPY Long-term Trend: Bullish

The prevailing trend for AUDJPY remains bullish, underscored by a significant surge in buying momentum witnessed in the preceding year. This bullish dominance was evident through ten consecutive days of daily closing prices surpassing the opening prices, indicative of strong buyer influence. Such periods typically favour forex signals aligning with the prevailing trend.

Presently, the buying momentum continues to strengthen, illustrated by five consecutive bullish sessions following the formation of a hammer candle from the 97.80 level. The breakthrough of the 102.80 resistance level further solidifies the bullish stance, setting the stage for a potential challenge of the 105.50 resistance barrier.

OANDA:AUDJPY Chart Image by Nice11111

AUDJPY Short-term Trend: Ranging

The ongoing pullback observed on the 4-hour chart is anticipated to provide crucial support for a breakthrough above the 105.50 resistance level, potentially signalling further bullish momentum.

In summary, AUDJPY nears a critical juncture at the 105.50 resistance zone, with bullish sentiment prevailing amid strengthening buying momentum.

Do you want to take your trading to the next level? Join the best platform for that here 

  • Broker
  • Benefits
  • Min Deposit
  • Score
  • Visit Broker
  • Award-winning Cryptocurrency trading platform
  • $100 minimum deposit,
  • FCA & Cysec regulated
$100 Min Deposit
9.8
  • 20% welcome bonus of upto $10,000
  • Minimum deposit $100
  • Verify your account before the bonus is credited
$100 Min Deposit
9
  • Over 100 different financial products
  • Invest from as little as $10
  • Same-day withdrawal is possible
$250 Min Deposit
9.8
  • The Lowest Trading Costs
  • 50% Welcome Bonus
  • Award-winning 24 Hour Support
$50 Min Deposit
9
  • Fund Moneta Markets account with a minimum of $250
  • Opt in using the form to claim your 50% deposit bonus
$250 Min Deposit
9

Learn to Trade

Never Miss A Trade Again

step 1
Signal Notification

Real-time signal notifications whenever a signal is opened, closes or Updated

step 2
Get Alerts

Immediate alerts to your email and mobile phone.

step 3
Entry Price Levels

Entry price level for every signal Just choose one of our Top Brokers in the list above to get all this free.

Share with other traders!

telegram
Telegram
forex
Forex
crypto
Crypto
algo
Algo
news
News