Market Analysis – February 13
AUDJPY consolidation phase lingers as sellers take control. The pair has been experiencing a consolidation phase, with sellers taking control of the market. Despite the start of the new year, the market has yet to gain serious momentum. The pair has been stuck in a ranging phase for several weeks, and now it is the sellers’ turn to make their move.
AUDJPY Key Levels
Resistance Levels: 97.850, 96.190
Support Levels: 93.720, 92.070
AUDJPY Long-Term Trend: Bullish
The pair has been trapped in a consolidation phase, with neither buyers nor sellers gaining a significant advantage. However, the recent price action suggests a shift in momentum, with sellers taking the lead. Last week, the sellers attempted to break through the significant level of 96.190. However, it turned out to be a false breakout. The price eventually retraced back into the consolidation phase. After re-entering the range, the buyers made another push towards the 97.850 significant level.
Analyzing the Stochastic Oscillator indicates that the sellers are now acting lower. This implies that it is time for sellers to take control of the AUDJPY market. As the buying momentum gradually fades, sellers are willing to reenter the scene and assert their influence.
AUDJPY Short-Term Trend: Bearish
Despite the consolidation phase, market volatility remains in check, as indicated by the Bollinger Bands indicator. The narrow range suggests that the market is currently experiencing low volatility. However, traders should be prepared for an expansion in volatility in the future. In navigating this ranging market, it is crucial for traders to have access to the best forex signals.
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