AUDJPY Bulls Are Driving the Market Upwards

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AUDJPY Price Analysis – October 11

AUDJPY bulls are driving the market upward as they seize control of the market. Buyers seem to put themselves in a driving position by leveraging on the 80.260 price level. The 80.260 price level has been acting as a middle ground between the consolidation zone of 81.900 and 78.850. After price bounced off the 78.850 support level, the market rose but dropped back to retest the 80.260 level from where price leaped up and has now broken out of the consolidation zone.

AUDJPY Key Levels

Resistance Levels – 81.900, 83.110
Support Levels – 78.850, 80.260

AUDJPY Long Term Trend: Bullish

The market is not seeking to correct itself after over two months of continuous plummeting. The 78.140 key level is the point at which AUDJPY began the reversal. Although the market was already showing signs of stalled downward movement when consolidation occurred between the 19th of July and the 16th of August. An increased pressure forced the price downward.

After the reversal at 78.140, buyers kept on driving the market upward. It broke past several significant levels till it reached 81.900, where it was rejected, and the price fell to a higher low at 78.850. From here, AUDJPY rallied upward again and has now broken past 81.900. In doing this, the price also broke through the EMA period 50 (Exponential Moving Average), which then acted as a support in driving the market upward.

AUDJPY Short Term Trend: Bullish

In the 4-hour time frame, the price is seen to have momentum going upward. This is seen in the EFI (Elders Force Index) chart, in which the force line has risen highly in the positive value. The market retested the 80.260 and the 81.500 price levels, which helps it break above 81.900. Also, the EMA period 20 is seen neatly lying below the 4-hour candles as support.

The aim of the bulls now will be to maintain a hold above the 81.900 significant level, which will give the buyers some respite and help in driving the market further to 83.110.

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