AUDJPY Forms Equal Highs at Key Levels

AUDJPY Market Analysis – April 11

AUDJPY forms equal highs at key levels after expansion. The market created equal highs at 85.550. The equal highs were formed during a long-term consolidation in which the market was held bound. The consolidation lasted for about three months, from March to June. The lows of those highs were cleared on the 18th of July, which led to further displacement in the market. The price dropped to reach 78.850 in the market.

AUDJPY Key Levels

Demand key levels: 73.050, 78.850
Supply Key levels: 85.550 94.050

AUDJPY Long Term Trend: Bullish

Overall, the market was still bullish. The momentary change of direction did not attack the lows at $73.050. Relatively equal lows were formed during August and September 2021. The equal lows were formed at 78.050. The Moving Average period nine crossed above the Moving Average period twenty-one. This led to an impulsive move back up to 85.550, where equal highs were formed.

The equal highs formed appeared to be double tops. After the momentary market shift from bullish to bearish, the neckline of the double tops that formed the equal highs was not retested. The bears were very heavy. The price continued to spill rapidly back to the 78.050 fundamental level. The bulls utilized this zone to go long in the market. The gaps in the previous down moves were filled. The critical level was tested for the third time in March when it failed. This led to a breakout above the critical level at $85.550.

AUDJPY Short Term Trend: Bullish

The market is currently experiencing resistance at 94.050. This has caused the market to form equal highs. The peaks of the equal highs were formed on the highs of the 28th of March and the 5th of April. The market appears to create a reversal pattern that could eventually be a double top or a head and shoulders. The market has not given any perfect confirmation of a change in direction, so it is safer to wait for the market to show its footprints rather than to call the tops of the market. If the lows are broken on the 31st of March, the bears can seek to go short towards 85.050. The market is still likely to test the critical level at 94.050.

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