AUDJPY Bulls Get Exhausted at the 95.620 Resistance Level

AUDJPY Analysis – April 25

AUDJPY bulls get exhausted after driving the market upwards by 13% to the 95.620 resistance level. Market purchasers have capitalized on the Japanese yen’s inherent difficulties in purchasing the Australian dollar at its expense. This has led to a breakout beyond the 85.830 price line and even more upsurge until the price reaches the 95.620 resistance. The bulls are now exhausted and seeking a respite at the 91.120 demand level.

AUDJPY Major Zones

Supply Zones: 92.930, 95.620, 97.040
Demand Zones: 78.850, 85.830, 91.120

AUDJPY Long Term Trend: Ranging

Before the surge in price to the 95.620 resistance level, the price was vacillating between two major key zones, which are 78.850 as the support level and 85.830 as the upper price limit. The price was engaged in several market structures as the currency pair struggled for expression. Eventually, a triangle pattern was used to compress the market before bulls directed the price in their favour.

This led to the upsurge that broke the 85.830 upper price limit and a 13% price increase. It can be seen that there were already difficulties by the time AUDJPY reached 92.930, but the bulls forced the price along past the retracements to reach 95.620, where the market weakened and now drops towards 91.120. The RSI (Relative Strength Index), which had been overbought since the upsurge, has fallen to the mid-level.

AUDJPY Short Term Trend: Bearish

The 4-hour chart shows the Parabolic SAR (Stop and Reverse), indicating a definite downward turn in the market as it takes a steep dive towards the 91.120 strong support zone. This zone is to help the bulls stabilize themselves against a total capitulation to a much lower price level. In addition, the RSI line taking an upturn from a deeply oversold position suggests a bullish resurgence which will be back towards 95.620.

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