AUDJPY Finds Support at 100.0 to Retain Bullish Stance
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AUDJPY Finds Support at 100.0 to Retain Bullish Stance

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Azeez Mustapha

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Market Analysis – May 8

AUDJPY witnessed a sudden price decline subsequent to reaching the resistance level of 105.00. The presence of a wick on the candle’s body, extending into the supply zone, signified sensitivity and rejection. Subsequently, the market experienced a dip to 100.0, where the price found support, thereby reaffirming its bullish stance.

AUDJPY Key Levels

Demand Levels: 100.0, 97.80, 95.60
Supply Levels: 102.80, 105.00, 110.00

AUDJPY Finds Support at 100.0 to Retain Bullish Stance

AUDJPY Long-term Trend: Bullish

The AUDJPY market has witnessed heightened volatility in recent trading sessions, evident in increased price fluctuations and wider daily ranges. Notably, the Average True Range (ATR) indicator, for the first time since September, surpassed the 1.0 mark with a steep incline. This surge in volatility coincided with the emergence of three white soldiers, following the formation of a hammer candle at the demand level of 97.80. Subsequently, the price broke through the resistance level of 102.80 after breaching the bullish channel on the daily chart.

However, exhaustion ensued at the resistance level of 105.00, leading to a price decline. This was marked by three consecutive days of downward price movement. The market found solid support at 100.00. The price also gained support from the upper border of the parallel channel and the Moving Averages of periods nine and twenty-one, contributed to retaining the bullish stance. AUDJPY Finds Support at 100.0 to Retain Bullish Stance

AUDJPY Short-Term Trend: Bullish

On the 4-hour chart, a bullish reversal has been observed since testing the previous swing high formed in April. Candlesticks on the 4-hour chart have positioned themselves above the Moving Averages (Periods 9 and 21), indicating a bullish sentiment. Employing a top-down analysis, from higher to lower timeframes, can provide valuable insights and aid in identifying the best forex signals, with the price expected to surpass 102.80 in the near term.

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