AUDJPY Is Pushing to Surpass Its Three-Year High

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AUDJPY Price Level – November 1

AUDJPY is pushing to surpass the 85.830 resistance level, which is a three-year market high. The price has laid siege under this price level since breaking out from a symmetric triangle formation on the 7th of October. The market surged up with consecutive bullish candles till it goes above the 84.220 level, where price pulled back briefly before pushing to the 85.830 resistance level.

AUDJPY Important Levels

Resistance Levels: 84.220, 85.830, 87.430
Support Levels: 78.850, 80.260, 81.500

AUDJPY Long Term Trend: Bullish

AUDJPY has been pushing for some time now to violate its confinement at 85.830. The last time price violated this level was on the 5th of February 2018. After failing at the level again on the 10th of May 2021, the market embarked on a downslide. AUDJPY was, however, able to recharge itself by accumulating between the key levels of 81.500 and 78.850.

Through the 80.260 price level, the market was able to break out of accumulation and surge towards 85.830, violating many key levels in the process. Once again, the 85.830 resistance is proving impenetrable, but buyers keep pushing persistently against the key level. The Stochastic Oscillator being in the overbought region seems to suggest that a pullback is imminent before we see a further upward push. The Parabolic (SAR Stop and Reverse) also signals price reversal with dots stationed above the daily candles.

AUDJPY Short Term Trend: Bearish

After pushing at the resistance level unsuccessfully three times, a pullback is looking more likely in the short term for the buyers. The pullback will help the buyers to refuel themselves for a greater push against the 85.830 price level. The Stochastic Oscillator on the 4-hour chart already shows a plunge towards the oversold region. Also, a single dot can be seen on the current 4-hour candle. More dots by the Parabolic SAR will confirm a retracement.

Price is expected to fall back to 84.220 for a renewed assault to break past the 85.830 resistance level.

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