AUDJPY Approaches 110.0 with Increasing Momentum

Azeez Mustapha

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Market Analysis – July 5

The AUDJPY has been on a relentless upward trajectory, showing no signs of a pullback on the 24-hour timeframe since it breached the key resistance level at 105.00. The steep incline of the trend from this breakout point underscores the strength and dominance of the bulls in the market. This sustained bullish momentum indicates that now is an opportune time to capitalize on the upward trend.

AUDJPY Key Levels

Demand Levels: 105.00, 102.60, 100.50
Supply Levels: 110.00, 115.00, 120.00

AUDJPY Approaches 110.0 with Increasing MomentumAUDJPY Long-Term Trend: Bullish

After failing twice to maintain a position above 105.00, the AUDJPY price pulled back to the Smoothed Heikin Ashi Candles in June, which provided crucial support. This support facilitated a subsequent explosion in price, leading to a decisive breakout above 105.00. The Awesome Oscillator histogram bars have been consistently rising above zero. This indicates a continued increase in bullish momentum and suggesting that the uptrend is likely to persist.

The continued rise in the Awesome Oscillator histogram bars above zero is a key indicator of bullish momentum. As these bars grow in length, they signify increasing market strength in favor of the bulls. This technical indicator’s positive reading highlights a robust buying interest and the potential for further upward movement. The combination of the price’s reaction to the Heikin Ashi Candles and the supportive technical indicators underscores the prevailing bullish sentiment in the long term.

AUDJPY Approaches 110.0 with Increasing MomentumAUDJPY Short-Term Trend: Bullish

In the shorter timeframe, AUDJPY is targeting the psychological price level of 110.0. Unlike the higher timeframe, the lower timeframe has exhibited some pullbacks in its price action. These pullbacks offer strategic entry points for traders aiming to ride the bullish wave. The best forex signals would likely target these clear psychological levels, reflecting the underlying bullish sentiment and providing opportunities for substantial gains.

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Azeez Mustapha

Azeez Mustapha is a trading professional, currency analyst, signals strategist, and funds manager with over ten years of experience within the financial field. As a blogger and finance author, he helps investors understand complex financial concepts, improve their investing skills, and learn how to manage their money.

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