AUDJPY Ascends Into the Confluence Region

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Market Analyst – April 25

AUDJPY is currently bearish on the daily timeframe. The short-term ascent has reached a bearish confluence. The short-term ascent on the lower timeframe (4-hour chart) is expected to reverse to correlate with the higher time institutional order flow.

AUDJPY Significant Levels

Supply Levels: 91.180, 95.140, 98.270
Demand Levels: 87.890, 85.920, 83.900

AUDJPY Long-term Trend: Bearish

AUDJPY buyers got exhausted after striking the supply level of 98.230 on September 9, 2022. The Stochastic indicator revealed the market was already in an overbought state. The Bollinger Band resting above also resisted the price rise. The market crashed to the next demand level of 91.180. The demand zone prevented a further price decline.

The test of the demand zone in October was the third attempt by the sellers to break the zone. After a failed attempt by the sellers, they struck once more, shorting from a closer supply level of 95.140. Currently, the Stochastic is overbought on the higher timeframe. The market price is expected to plummet soon.

AUDJPY Short Trend: Bullish

The price is currently in the crosshairs. The supply zone of 91.180 has crossed the resistance trendline. The sellers are expected to utilize the opportunity for shorts on USDCHF to the next support level of 87.890.

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