AUDJPY Bulls Regain Confidence after Experiencing a Dip in Price

Market Analysis- March 28

AUDJPY buyers are regaining confidence once again. Recently, the bulls have been making their presence known, as they embark on yet another stroll in the market. After experiencing a dip and finding support at the 98.440 significant level, the buyers have managed to regain control and pull a consistent string of gains.

AUDJPY Price Levels

Resistance Levels: 100.400, 908.440
Support Levels: 96.860,  95.450

AUDJPY Long-Term Trend: Bullish

Before the recent drawback, the market witnessed a period of consolidation. During this time, price action was indecisive, as it oscillated between the key levels of 98.440 and 96.860. This consolidation phase created a sense of uncertainty among market participants, as they awaited a clear direction. However, the Australian market stood out during this period. They showcased great resilience as buyers continued to ride the wave beyond the 98.440 significant level. It seemed like the bulls were in control, ready to push the market higher.

As the buyers approached the 100.400 significant zone, a slowdown was observed. This could be attributed to buyers losing control and struggling to maintain their momentum. The bulls, who had been charging ahead with confidence, found themselves facing resistance and unable to sustain their upward trajectory. It was a moment of reflection for the buyers, as they realized the need to regroup and strategize for their next move.

After the brief setback, the buyers found support at the 98.440 price level, marking a rebound in their journey. This resurgence was accompanied by positive signals from technical indicators, such as the MACD (Moving Average Convergence and Divergence). This indicated a bullish outlook. The buyers are back in action, showing a strong indication of their determination to push the market higher once again.

AUDJPY Short-Term Trend: Bullish

With the buyers regaining their footing and the market sentiment turning bullish, the focus now shifts towards breaching the 100.400 key level. This level holds significance as it represents a major milestone for the bulls.

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