Market Analysis – March 21
AUDJPY experienced a major breakout in the year 2022. Another major breakout has been witnessed on the daily chart this year. The Bears have remained in control of the market since the reversal in September.
AUDJPY Key Major
Demand Levels: 87.890, 85.920, 83.900
Supply Levels: 91.180, 95.140, 98.230
AUDJPY Long-term Trend: Bearish
The market has displayed a series of expansion and pullback circles on the daily chart. In 2022, the month of May was characterized by a bullish expansion. The price rose rapidly from 85.920 to $94.140. A pullback was experienced as the market retraced to the 87.890 support level. The Buyers seized the opportunity to reach for higher prices. The bullish ascent broke the previous high. After the consolidation between 95.140 and 91.189 in July, the market reached its peak price of the year at 98.230.
The bearish plague hit the market in September. The price experienced a free fall from the supply level of 98.230 to 91.180. The fall in price broke out of the rising wedge. A pullback to the supply level of 95.140 fostered the engagement of the sellers. The price declined further. The lows of 91.180 were swept to create a Break of Structure (BoS). The price has fallen to $87.890. A rising wedge guided the market to 91.180. Another breakout has successfully played out this month. The price has returned to 87.890.
AUDJPY Short-term Trend: Bearish
The support level of 87.890 is currently threatened. A break of the demand level is expected to lead the market to the order block resting below 85.920.
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