AUDJPY Approaches Psychological Price of 110.0 with Unrelenting Momentum

Azeez Mustapha

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Market Analysis – July 10

AUDJPY’s price continues to rise rapidly, with the daily chart showing a relentless uptrend that leaves little room for pullbacks, making it challenging to find entry points. Fair value gaps remain unfilled, and order blocks are not mitigated as the price soars toward the psychological level of 110.0.

Significant Price Levels

  • Demand Levels: 107.80, 105.00, 102.60
  • Supply Levels: 110.00, 115.00, 120.00

AUDJPY Approaches Psychological Price of 110.0 with Unrelenting Bullish MomentumAUDJPY Long-Term Trend: Bullish

Since breaking above 105.00, AUDJPY has maintained its bullish momentum, as evidenced by the Awesome Oscillator. The histogram bars have consistently increased in length with a green hue, indicating robust volatility and a strong uptrend. No major resistance levels are visible on the daily chart, making it prudent to focus on psychological price levels.

Psychological prices in forex, such as 1.1000 or 1.1050, attract significant trader attention due to their psychological impact. These levels often act as barriers to price movement, influence stop-loss placements, and attract buy or sell orders, affecting market volatility and sentiment. The next psychological price for AUDJPY is 110.00, which could serve as a pivotal point where the best forex signals may emerge based on trader behaviour and market reactions.

AUDJPY Approaches Psychological Price of 110.0 with Unrelenting Bullish MomentumAUDJPY Short-Term Trend: Bullish

The slope of the ascent is nearly 90 degrees on the daily chart. It is approximately 45 degrees on the 4-hour chart, demonstrating the strong upward momentum. On the 4-hour chart, the price has taken off from the support of the 9 and 21-period Moving Averages. This further indicates a bullish trend. Traders should monitor these levels closely for potential trading opportunities as AUDJPY approaches the critical psychological price of 110.0.

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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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