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Market Analysis- February 28
AUDJPY is experiencing a shift in market dynamics. The tide has turned, with sellers managing to slip out while buyers bow to the mounting pressure. Over the past few weeks, buyers of the AUDJPY pair have exhibited remarkable strength, propelling the market forward.
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However, this week has witnessed a notable change in sentiment as buyers lost their grip on the market at the significant level of 99.120. The bears have seized the opportunity, and sellers are now approaching the critical zone of 98.220. A further pullback beyond this key level could potentially dash the hopes of buyers, leading to a prolonged bearish trend.
AUDJPY Key Levels
Resistance Levels: 99.120, 98.220
Support Levels: 95.490, 92.200
AUDJPY Long-Term Trend: Bullish
The month of February has been characterized by a bullish tide for the AUDJPY pair. The Australian market, in particular, has demonstrated strength, pulling from the market level of 95.490.
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Unlike the previous month of January, which lacked clear direction, the beginning of 2024 saw the bulls struggling to make significant gains. However, the presence of sellers has effectively kept price volatility in check, ensuring a balanced market.
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As we speak, the Australian market is once again losing ground. The bulls are now faced with the challenge of finding the perfect entry point to regain control and push the market forward.
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Traders should closely monitor the Stochastic Oscillator, as it currently poses a great signal for market traders. The sellers are firmly in control and may be planning to drive prices even lower this week. In such a scenario, traders must be vigilant and seek out the best forex signals to guide their decision-making process.
AUDJPY Short-Term Trend: Bearish
While sellers currently pose a threat to buyers, an immediate recovery could follow if buyers manage to strengthen their resolve at the 98.220 market zone. This critical level will serve as a battleground, determining the direction of the market in the coming days.
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