AUDJPY Chart Reveals Formation of Bullish Flag Pattern
Login

AUDJPY Chart Reveals Formation of Bullish Flag Pattern

Estimated Reading Time: 2 minutes
Article Rating:
Based on 1 vote
Login to rate this article.

Azeez Mustapha

Updated:

AUDJPY Analysis – August 9

The AUDJPY currency pair has recently exhibited a notable bullish flag pattern, reflecting a strong market sentiment shift. This bullish stance was particularly evident in the first half of June, characterized by a rapid and virtually unhindered price surge until it reached the peak of 97.60. However, it’s worth noting that at this peak, the Stochastic indicator indicated an overbought market condition.

AUDJPY Chart Reveals Formation of Bullish Flag PatternKey Levels for AUDJPY

Demand Levels: 94.10, 95.80, 96.89
Resistance Levels: 92.80, 92.00, 90.20

Long-term Trend for AUDJPY: Bearish

Following the Stochastic indicator’s signal of buying exhaustion, a bearish channel has been identified, coinciding with the formation of a flag pattern. This observation was accompanied by the market responding to a bullish order block situated at 92.00. Despite this, the test of the bullish order block proved inadequate to halt the ongoing correction.

The current Moving Averages lend support to the bearish stance. Unless a successful breakout above the established bearish channel occurs, there is a likelihood that the market will revisit the bullish order block at 92.00 for a second time.

AUDJPY Chart Reveals Formation of Bullish Flag Pattern

Short-term Trend for AUDJPY: Ranging

The 4-hour chart analysis indicates a period of ranging market behaviour. The price action is expected to adhere to the confines of the bearish channel. Consequently, a temporary upward movement is anticipated, potentially leading the price to ascend toward the resistance trendline around the 94.40 mark.

Do you want to take your trading to the next level? Join the best platform for that here

  • Broker
  • Benefits
  • Min Deposit
  • Score
  • Visit Broker
  • Award-winning Cryptocurrency trading platform
  • $100 minimum deposit,
  • FCA & Cysec regulated
$100 Min Deposit
9.8
  • 20% welcome bonus of upto $10,000
  • Minimum deposit $100
  • Verify your account before the bonus is credited
$100 Min Deposit
9
  • Over 100 different financial products
  • Invest from as little as $10
  • Same-day withdrawal is possible
$250 Min Deposit
9.8
  • The Lowest Trading Costs
  • 50% Welcome Bonus
  • Award-winning 24 Hour Support
$50 Min Deposit
9
  • Fund Moneta Markets account with a minimum of $250
  • Opt in using the form to claim your 50% deposit bonus
$250 Min Deposit
9

Learn to Trade

Never Miss A Trade Again

step 1
Signal Notification

Real-time signal notifications whenever a signal is opened, closes or Updated

step 2
Get Alerts

Immediate alerts to your email and mobile phone.

step 3
Entry Price Levels

Entry price level for every signal Just choose one of our Top Brokers in the list above to get all this free.

Share with other traders!

telegram
Telegram
forex
Forex
crypto
Crypto
algo
Algo
news
News