AUDJPY Consolidation Persists as Traders Await Breakout

AUDJPY consolidation persists as traders await a breakout. The market continues to consolidate, trading within the range of 99.000 and 95.640 key levels. Despite attempts to break higher, the market remains locked in indecision, with both buyers and sellers struggling for dominance.

Resistance Levels: 99.000, 100.000

Support Levels: 95.640, 94.500

Earlier in the first quarter, buyers made an attempt to breach the 101.650 market area but failed. This, however, led to a gradual decline in price. The Momentum indicator reflects declining strength, but buyers could regain control if they capitalise on market conditions.

The Stochastic Oscillator currently signals potential recovery, but it has yet to confirm a strong bullish signal. A breakout above 99.000 remains critical for a directional move. The market’s current consolidation phase suggests a buildup for a potential breakout. If buyers succeed in pushing above 99.000, the next target would be the psychological level of 100.000. A break beyond 100.000 would confirm a bullish trend, with 101.650 as the next significant resistance level.

On shorter time frames, AUDJPY continues to accumulate, with no clear breakout intentions. The Stochastic Oscillator hints at buyers gradually building strength, while the Momentum indicator shows early signs of recovery.

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If buyers can sustain momentum, AUDJPY could approach 98.000 in the medium term, with the potential for further gains. Failure to generate sufficient momentum, however, could result in prolonged consolidation within the current range.

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