AUDJPY buyers gain momentum as a breakthrough looms. The buyers are fueled by the anticipation of a Bullish breakout. This week has marked the beginning of significant progress for AUDJPY, especially on the lower frame. The support level of 95.590 has aided the push above the resistance level of 98.300. A clear breakout from the range already created and a retest is important to establish accurate forex signals.
AUDJPY Key Levels
Resistance Zones: 98.000, 95.600
Support Zones: 93.780, 92.380
AUDJPY Long-Term Trend: Ranging
The AUDJPY price has been stuck inside a ranging zone, with significant levels at 98.000 and 95.600. Both buyers and sellers have been held within this range since last year, creating a sense of equilibrium in the market. The bulls attempted to push the price lower, breaching the 93.000 price level. However, the buyers quickly recovered, resulting in a consolidation within the ranging market. As the new year began, the buyers were unable to gain further momentum, leading to a continuation of the consolidation phase throughout February.
The current breakout in the AUDJPY market is a testament to the bullish tenacity observed this week. Traders should keep an eye out for more confirmation before entering trades for profit. The momentum indicator is currently on the rise, indicating an increase in buy sentiment. Additionally, the Parabolic SAR (Stop and Reverse) suggests that the market pressure is still built for more uptrend movement.
AUDJPY Short-Term Trend: Bullish
Currently, the price action is still very lethargic. The buyers and sellers are still contending for control of the market. The price struggled to rise above 98.300. In conclusion, a major displacement in price is needed to establish the direction of the market for the best forex signals.
AUDJPY Short-Term Trend: Bullish
AUDJPY Short-Term Trend: Bullish
