AUDJPY Buyers Prepare for Bullish Return

Market Analysis – March 24

The AUDJPY currency pair is currently witnessing a gradual buildup from buyers, who are now trading around the significant level of 93.680. This level has shown a degree of confidence, particularly following a recent drop in the market. The buyers started the month with positive momentum, fighting for a reversal after a bearish setup that saw prices drop to the 92.000 key level.

AUDJPY  Key Levels

Support Level: 92.000 , 94.000
Resistance Level: 95.550  100.000

AUDJPY Long-Term Outlook: Bearish

After the initial drop, a buying reversal was observed, building momentum up toward the 95.550 key zone. However, sellers have gained strength in recent days, leading to some bearish pressure. This week, sell traders are facing rejection, paving the way for a potential takeover by buyers. The daily chart suggests a shift in market sentiment, as technical indicators show a cross that may push sellers out of the picture.

The Momentum indicator indicates that the signal line is still poised to push higher, which is a positive sign for buyers. On the daily time frame, buyers are actively looking for a stronger return to the market. The Momentum indicator is making moves to counter the prevailing bearish sentiment, suggesting that buyers are starting to gain traction. With targets set high up to the 100.000 key level, the potential for a bullish resurgence is evident.

AUDJPY Short-Term Outlook: Bearish

Given the current dynamics, the outlook for AUD/JPY appears to be cautiously optimistic. If buyers can successfully establish a foothold around the 93.680 level and demonstrate sustained momentum.

Traders should monitor the behavior of the Momentum indicator closely, as any further strengthening could signal an imminent bullish breakout. Conversely, if selling pressure resumes, it will be crucial for buyers to hold above the 92.000 support level to retain their bullish prospects.