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Market Analysis – October 27
AUDJPY experiences a bullish shift following a market structure change in early June 2023. This results in a spontaneous bullish reaction in the price reaching the supply level.
Price exhibited a series of declining lows before reaching the 86.200 level, where it found support and halted its downward movement. This support level helped to establish a shift in the market structure, taking out the immediate lower high.
Following this, the bullish momentum pushed through the 95.000 level and found support at 97.600. However, the bearish pressure experienced at the 97.600 supply level caused the price to retrace to the Order Block.
The Order Block functioned as a support for the continuation of price ascent. After being rejected from the Order Block, the price formed a triangle pattern, indicating that the market was taking a pause and preparing for a potential bullish breakout.
AUDJPY Short-Term Trend: Bullish
The market is displaying a bullish inclination as it respects the ascending trend line. The Moving Average confirms this bullish sentiment as the current price is positioned above its mark.
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