AUDJPY Bulls Regain Market Dominance

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AUDJPY Analysis – June 6

AUDJPY bulls have regained market dominance after they eventually violated the prominent key level at 91.120. The buyers have now covered up for their lack of concentration, which led to the slump of the price below the same 91.120 prominent level. The price fell straight to 87.430, and it was at this point, that the bulls revived. There was a long struggle, but the bulls succeeded in driving prices high.

AUDJPY Key Zones

Resistance Zones: 94.030, 95.620, 97.040
Support Zones: 87.430, 91.120, 92.930

AUDJPY Long Term Trend: Bullish

At the beginning of March 2022, a breakout occurred from the market’s triangle consolidation. This led to a 13% increase in the price and shifted the market’s activity centre to above the 91.120 critical level. The bulls were set to leverage the strength of the price level to ascend to even higher prices, but sellers stepped in to cause an interruption. They initially slowed the rate of price rise before crashing the market back to 91.120.

Repeated crashes to 91.120 eventually caused the price to dip below the strong key level to 87.430. An active bullish base kept working behind the scenes to regain market dominance. This led to a tapering movement beneath 91.120 (which had temporarily become a resistance). After two weeks of this activity, the price skyrockets, breaking the barrier at 91.120 and other levels to reach 94.030. The Stochastic has reached overbought territory, and a pullback is expected.

AUDJPY Short Term Trend: Bearish

The 4-hour chart shows how AUDJPY executed the breakout. The market ensured it kept making a higher low, thereby putting upward pressure on 91.120 as resistance. This eventually paid out as the bulls stored momentum, which was released at the tip of the triangle to break the key level and skyrocket upward. The MA period 24 (Moving Average) lays under the candlesticks to provide support. The market is also overbought on the 4-hour Stochastic, and a pullback to 92.930 is anticipated before pushing toward 95.620.

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