AUDJPY Heads Into the Bullish Order Block

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AUDJPY Analysis – December 5

AUDJPY heads into the bullish order block to execute buy orders. While the bears are currently in total control of the market, the bullish order block around the 90.0 psychological level seems to be attracting prices for the next bullish phase to ensue.

AUDJPY Significant Zones

Demand Zones: 86.060, 77.890
Supply Zones: 98.600, 107.840
AUDJPY Heads Into the Bullish Order Block

AUDJPY Long-term Trend: Bullish

The Australian Dollar has been very strong for a very long time against the Japanese Yen. The market is currently in a correction phase, but a bullish run could be looming as the price heads earnestly into the daily bullish order block. The daily bullish order block was created during the previous bull run into the 98.600 supply zone. On May 27, 2022, the price was delivered to the upside, and the AUDJPY seems to be heading into the created bullish order block to execute the bulls’ orders.

Before the invalidation of the previous resistance at the 86.060 price level, the market was ranging between two major price levels. The two major price levels are 86.060 and 77.890. The breakout from the range finally occurred on May 16, 2022. On August 20, 2021, the 77.890 price level was retested, and the buying pressure at the level caused the AUDJPY to surge upward, though in fractals, until the previous resistance at the 86.060 price level was broken. While the market’s order flow is still bullish, an emerging diagonal resistance seems to be limiting the expansion of the AUDJPY as it heads upward.
AUDJPY Heads Into the Bullish Order Block

AUDJPY Short-term Trend: Bearish

Since the 98.600 resistance was hit, the market’s order flow has been bearish. The AUDJPY is expected to keep declining until the previous low of 90.830 is invalidated. Once the sell-side liquidity below the low is grabbed, the price might dive deep into the daily bullish order block to execute the buy orders.

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Azeez Mustapha

Azeez Mustapha is a trading professional, currency analyst, signals strategist, and funds manager with over ten years of experience within the financial field. As a blogger and finance author, he helps investors understand complex financial concepts, improve their investing skills, and learn how to manage their money.