AUDJPY Is Rising in Consolidation

AUDJPY Price Analysis – September 27

AUDJPY is rising in consolidation after striking the support at 78.850. The upper boundary of the consolidation zone lies at the 81.900 key level. The intent of the market at the moment is to forcefully break out of consolidation while still in its early stages. But it is expected that sellers will counter the market in an opposite direction to continue the tussle for power. It is therefore expected that AUDJPY will continue sideways.

AUDJPY Critical Levels

Resistance Levels: 81.900, 83.110, 84.220
Support Levels: 80.260, 78.850, 77.190

AUDJPY Long Term Trend: Ranging

The market has remained in a general downtrend since the price slipped down on the 17th of June 2021. This was characterized by consistent lower highs and lower lows. This continues till the daily candles rest on the 80.260 key level. At which point the market wanted to begin rising, but the bearish pressure locked the price below 81.500. After three weeks of a minimal price fluctuation, AUDJPY eventually dropped lower.

Price dropped hard till it hit the downtrend line at 78.140. Instead of previous times where the market retraced to make a lower high and then fall, the price kept rising till it reached 81.900, thereby breaking the bearish hold on the market. However, sellers remained in the market and ensured that the price fell again, but bulls have become more confident and have redirected the market. This has resulted in the current price consolidation.

AUDJPY Short Term Trend: Bullish

The market is currently trading at around 80.933 and is very bullish. The MACD (Moving Average Convergence Divergence) indicator demonstrates the bullishness of the market. Having crossed upward above the zero level, the MACD lines have kept rising and have climbed high above the zero level. Price has traded to the upside of the Moving Average period 50 in the process.

AUDJPY is expected to keep rising till it reaches the 81.900 key level.

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