AUDJPY Enforces a Breakout with Three White Soldiers

Azeez Mustapha

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Market Analysis – June 21

AUDJPY bulls have enforced a bullish breakout, creating a new price high for the year. Three white soldiers emerged from beneath the resistance level of 105.0, driving the price upward. Multiple indicators on the daily chart signal an overbought market, suggesting a pullback for a retest of the previous resistance level to sustain the bullish momentum.

AUDJPY Key Levels

  • Demand Levels: 102.60, 100.50
  • Supply Levels: 105.00, 110.00

AUDJPY Enforces a Breakout with Three White Soldiers

AUDJPY Long-Term Trend: Bullish

The price has successfully surpassed the 105.00 hurdle after two attempts. In May, a triple top pattern emerged as the price was about to break the previous high of 105.00. A pullback followed this pattern, causing the price to retest the bullish trendline on the daily chart. The test of the trendline provided support, ending the price retracement.

The price also tested the lower Bollinger Bands simultaneously, creating a bullish confluence. The Stochastic indicator indicated oversold conditions at the trendline test, providing an optimal entry point for the best forex signals. white soldiers have now propelled the price to a new high for the year.

AUDJPY Enforces a Breakout with Three White SoldiersAUDJPY Short-Term Trend: Bullish

The Stochastic indicator and the higher Bollinger Band both show that the price is overbought. This is likely to cause a retracement to the 105.00 key zone, providing support to sustain the bullish trend. The price is expected to rally to the next psychological level of 110.0.

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Azeez Mustapha

Azeez Mustapha is a trading professional, currency analyst, signals strategist, and funds manager with over ten years of experience within the financial field. As a blogger and finance author, he helps investors understand complex financial concepts, improve their investing skills, and learn how to manage their money.

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