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Market Analysis – September 26
AUDJPY bulls aim for the 99.000 resistance level. The AUDJPY pair experienced a bullish break of structure, leading to a shift in price action from bearish to bullish. Despite the 95.000 level initially acting as resistance for price bulls, it could not hold, indicating the presence of bullish momentum.
The market structure for AUDJPY turned bullish on June 23 when it broke the initial supply level. However, the price showed weakness after surpassing the 95.800 level and failed to make subsequent higher highs. This indicated a lack of liquidity for further price rise. However, the market structure shifted, suggesting that liquidity had been generated.
The price is expected to target the 99.000 level after consolidating and clearing out liquidity. Currently, the Moving Average indicates a bullish price movement.
AUDJPY Short-Term Trend: Bullish
With the change in market structure, AUDJPY has been setting higher highs, indicating a strong bullish trend. Both the Moving Average and Relative Strength Index support this bullish sentiment and suggest that the price may reach the overbought level of 70.0 soon.
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