AUDJPY Finally Reaches the Major Supply Zone at 85.900

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AUDJPY Price Analysis – March 14

AUDJPY finally reaches a major supply zone at 85.900. The market has rallied after the breakout to 85.900. On the 22nd of September, 2021, the market rallied to 85.900, where a supply zone was formed. A reversal in the zone caused the bears to take over. A double top pattern was formed, followed by a break in the market structure. There was a sell off to the 79.910 demand zone.

AUDJPY Major Zones

Major Supply Zones: 85.900, 84.070
Major Demand Zones: 79.910, 80.600

AUDJPY Long Term Trend: Bullish

AUDJPY finally reached the major demand zone at 78.910. The Stochastic indicator was oversold as the Parabolic Stop and Reverse signalled a buy in the market. On December 6, 2021, the bullish move was initiated. The market filled the gap created during the downward move. Upon closing the gap on the 16th of December, the market faced a retracement to 80.600, where the bulls were supported. A new demand zone was formed, which employed the bulls. The market rallied afterwards towards a major supply zone at 84.070.

The market bounced up and down between the major supply zone at 84.070 and the major demand zone at 80.600. A symmetrical triangle was formed as the market gyrated between the zones. The Parabolic SAR (Stop and Reverse) signalled a buy on the 23rd of February. This caused a violation of the symmetrical triangle. The major supply zone at 84.079 was also breached.

AUDJPY Short Term Trend: Bearish

AUDJPY has finally reached the major supply zone at 85.900. On the daily chart, the Stochastic is already oversold. The four-hour chart reveals that the market is already leaving the oversold region for a selloff. The Parabolic SAR has signalled a sell in the market. The market is likely to reach the previous major supply zone at 84.070.

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