AUDJPY Experiences Successful Bullish Breakout

Market Analysis – April 11

The AUDJPY market maintains its bullish momentum, exhibiting a notable breakthrough of resistance levels. This bullish surge successfully confirms the pattern of an ascending triangle on the daily chart, demonstrating strong conviction for the continuation of the uptrend.

Key Levels for AUDJPY:

Demand Levels: 98.30, 96.90, 95.50
Supply Levels: 100.80, 105.00, 110.00

AUDJPY Long-Term Trend: Bullish

The AUDJPY pair experienced significant volatility and a sudden price decline in December. During this period, the price dipped below the Simple Moving Average within the Bollinger Bands, which had previously served as a supportive factor since November.

Following the price crash, a period of consolidation ensued in February. However, the initial attempt to surpass the resistance level of 98.30 was unsuccessful. Notably, the bullish trend line converged with the lower Bollinger Band, indicating an oversold market condition. Subsequently, buyers regained momentum, leading to a bullish breakout following a bounce on the bullish trendline.

AUDJPY Short-Term Trend: Bullish

Following the breach of the resistance level at 98.30, the market retraced to retest the prior resistance zone. This retracement has further propelled the upward movement beyond the 100.00 mark. The anticipated continuation of the bullish trend is supported by the establishment of a strong directional bias, providing favorable conditions for the best forex signals telegram can offer.

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