Market Analysis – February 21
AUDJPY Bulls defended the support level at 91.180 all through the second of the previous year. From June to December, the bears failed to break through the support level after multiple strikes.
AUDJPY Key Levels
Demand Levels: 91.180, 87.890, 85.920
Supply Levels: 95.150, 98.230, 100.00
AUDJPY Long-term Trend: Bullish
The market delivered an impulsive bullish move in June. The Stochastic swerved from the oversold region to the overbought region from May to June. A correction phase followed from June to August. The market paddled back and forth between 95.140 and 91.180 key levels. In September, the Stochastic indicated the market was overbought. The price declined after pressing on the upper band of the Bollinger Band.
In December, the market finally broke the support level at 91.180. The market paddled back and forth before reaching the support level. A sharp, impulsive move eventually pierced the zone to 87.890.
AUDJPY Short-term Trend: Bullish
The market is currently ascending through a bullish channel. The demand level at 91.180 provided support to foster a bullish rally to 98.230. A ChoCH (Change of Character) eventually played out in January. Higher highs and lows are leading the market toward the 95.140 key level within a bearish channel.
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