AUDJPY Is Currently Experiencing a Correction Phase.
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AUDJPY Is Currently Experiencing a Correction Phase.

Estimated Reading Time: 2 minutes

Azeez Mustapha

Updated:

AUDJPY Market Analysis – March 4

AUDJPY is currently experiencing a correction phase after expansion. The market formed lower highs that led to 73.050. There was a change in market direction as the previous highs were swept. The impulsive moves from the demand zone violated the previous market structure. The stochastic indicated the market was oversold at the demand zone of 73.050. The Moving Averages switched positions to further confirm the new bullish run.


AUDJPY Major Zones

Demand Zones: 73.050 78.850
Supply Zones: 94.050 85.550

AUDJPY Is Currently Experiencing a Correction Phase. AUDJPY Long Term Trend: Bullish

The bullish price action gyrated gently till the resistance zone at $85.550 was reached. From March to May, the market experienced a correction phase after expansion. This caused the two Moving Averages to switch positions sideways. An impulsive move on the 17th and 18th of June revealed that the bears were ready to sell. The market gyrated consistently into the demand zone at 78.850.

The market took off from the demand zone at 78.050 on the 22nd of September, 2021. The moving averages switched positions to signify bullishness. The previous resistance zone was reached again. The market consolidated for over two weeks beneath the supply zone. The market made a step-like move back into the demand zone once again. This was the last test of the demand zone before the breakout above 85.550.

AUDJPY Is Currently Experiencing a Correction Phase. AUDJPY Short Term Trend: Bearish

The breakout was successful, and the market pumped in 94.050. The first bearish candle formed on March 25, 2022, after the breakout on the 16th of March on the daily chart. On the daily outlook, after seven days of bullish candles, bulls found it difficult to push higher. AUDJPY is currently experiencing a correction phase. The stochastic indicator is oversold on the four-hour chart. The Moving Averages also crossed on the 30th of March. After the overall impulsive move, the market is expected to retrace towards $85.550.

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