AUDJPY Continues to Grind in a Tight Range

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AUDJPY Analysis – November 21

AUDJPY continues to grind in a tight range. The price tendency has remained stationary above the trending channel following its rupture from it. Both traders have been quite lethargic, causing a wide change in the market liquidity pool. Traders previously expected buy merchants to double up following a price breakout above the trend line. However, the currency pair has decided to accumulate above it. Since market markers are silent at the moment, we expect the price to continue grinding steadily above the trendline. Nevertheless, big traders could be willing to shift price direction from the consolidation phase anytime now.

AUDJPY Significant Levels

Resistance Levels: 98.490, 91.570
Support Levels: 87.920, 81.820

AUDJPY Long-Term Trend- Bearish

Despite consolidation, sell traders are currently active on the AUDJPY pair. However, buyers who have been actively playing in the past are still holding quite a bit of momentum on the AUDJPY currency pair. From the beginning of this month, the Australian dollar has appeared to be stronger, thereby causing the yen market to sink lower. Buyers purchased the spot price at the 81.820 key zone. As its buying stance swung up and down to pitch its next back to the 87.920 key zone, the buyer’s charge gained the ability to cause price flow.

The buy traders regained their buying power as the price continued to rise, reaching a significant 98.490 level. Ever since the AUDJPY pitched its tenth at the 98.490 key zone, the buy traders have been unable to provoke this order level. Rather, the market remained stuck in a rut. The price’s current activity shows the marked movement consolidating above the trend line zone, which has been recently broken by buyers. The momentum indicator is currently declining as activity is still in a ranging phase.

AUDJPY Short-Term Trend- Bearish

The sellers are considered to be keeping buying activity at bay at the moment despite the tight range ongoing above the trend line. The moving averages keep crossing each other as buyers and sellers exchange momentum on the 4-hour chart. The momentum indicator is currently still at the 0.00 level. However, we believe that buying activity will return to the 98.490 key zone.

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