AUDJPY Bulls Show Weakness at the 96.800 Key Level

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AUDJPY Analysis – June 13

AUDJPY bulls show weakness at the 96.800 critical level, and the market has plunged as a result. After struggling below the 91.120 significant price level, AUDJPY broke out by using an ascending triangle pattern. The market surged strongly upwards, breaking several barriers, till it rose to the 95.800 price level. At this level, the market began to show weaknesses. This allowed the bears to deal a blow that plunged the market strongly.

AUDJPY Key Levels

Resistance Levels: 95.620, 96.800,
Support Levels: 91.120, 85.830

AUDJPY Long-Term Trend: Bullish

An extended period of consolidation preceded the upsurge of the AUDJPY market. The consolidation, which began on December 30th, 2020, lasted for more than two years before the price broke out on the 15th of March 2022. As a result, there was much momentum stored, which the bulls seized, driving the price high to 95.620. However, the effect of the bullish exertion began to tell on the buyers as they became exhausted.

This allowed an opposing force into the market, which proved stronger than the exhausted buyers. The market plummeted below the anchor level of 91.120. But immediately after this, the buyers regained themselves and began to engineer a reversal. The lower Bollinger Band helped push the price up as it conformed to an ascending triangle. With this, AUDJPY could break back above the 91.120 anchor level.

AUDJPY Short Term Trend: Bullish

After the price broke out, it rose to break the former level at 95.620, where it was blocked. Then the price rose to 96.800, making a higher high. However, the market has weakened again here and has plunged immediately. However, there are signs that the bulls are holding at 92.930. The distance between the MACD (Moving Average Convergence Divergence) line is beginning to close up and take a reversal. AUDJPY is predicted to break 96.800 again for a new higher high.

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