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AUDJPY Analysis – September 12
AUDJPY buy traders take up buying moment following breakout at 96.820 key zone. Following their unexpected movement the previous week, the bullish power has remained dominant. The first indication that gave the buyers more buying power was the result of the price breaking out of the descending channel. The sellers were less concerned, as we see the fact that the buyers were able to penetrate with ease from the consolidation phase.
AUDJPY Key Levels
Resistance Levels: 96.8200, 87.9200
Support Levels: 92.1700, 89.9680
AUDJPY Long-Term Trend – Bullish
The buy traders had previously kept the charge of the price for the past few seasons. This, however, made it easier for them to be able to influence the market tendencies as they pleased. We have consistently seen buying force outnumbering price because the general trend speaks for itself. In May, the buying force was charged up to 96.820 key areas but somehow fell flat when it hit there. This, however, led to sellers trying to change the price tendency as we saw consolidation ensue. With the buyers still putting up a show in the descending channel, the sell traders were not led out either.
Now we have seen the price break out of the descending channel as the buyers continue to rise. As of last week, buying power had gradually increased as the price had broken through the 96.820 key zone. More buyers are still expected to rush in as we anticipate a further rise in the AUDJPY currency pair. The Price Oscillator Indicator shows us that the buyers are still disposed to go forward following the price breakout on the daily chart. The MACD (Moving Average Convergence & Divergence) indicator shows that the buyers are still charged up for more bearish movement.
AUDJPY Short-Term Trend – Bullish
The bullish power keeps rising after price breakouts from the 96.820 key zone. The price oscillator indicator is still above the 0.00 level as buying power is still gradually moving up. Traders should therefore aim to see buying power increase above the 96.820 key zone.
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