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Market Analysis – October 12
AUDJPY experiences a bullish reversal with a prominent rejection at the previous low. A bullish shift in market structure set the stage for a price rise. Following the reversal, there was a sustained period of bullish momentum. Shortly after, a decline was observed.
AUDJPY Key Levels
Demand Levels: 93.200, 90.200, 87.800
Supply Levels: 96.500, 98.700, 100.000
AUDJPY Long-Term Trend: Bullish
The price quickly gained bullish momentum after seeking liquidity and breaking through the supply level at 96.500. The rapid bullish momentum was noted as Price smashed the supply level at 96.500.
However, this bullish momentum diminished as the price approached the 98.700 mark due to a lack of retreat for a larger upward movement. As the price started to retreat to the Order Block, momentum for more bulls built up. The activation of the order block signaled a structural change and the end of the pullback.
The price then retraced to the Fibonacci level of 0.786, indicating consistency in the buy/sell ratio.
AUDJPY Short-Term Trend: Bullish
The price action responded positively as it approached the order block, setting a series of higher highs. Additionally, the moving average confirms the bullish bias, as the price remains above it.
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