AUDJPY appeared poised for a bearish reversal as it dipped below the recently surpassed supply level of **100.3870**. However, the bullish trendline emerged as a critical support level, rekindling buyers’ hopes for a continuation of the uptrend.
AUDJPY faced intense resistance at the key level of **100.3770**, primarily due to a bearish order block in the zone. Throughout October, the Stochastic indicator lingered in the overbought region while the price consolidated, forming a range at this level.
Earlier this month, buyers briefly broke above the range, raising hopes for continued bullish momentum. Yet, the price retraced sharply, testing the bullish trendline as critical support. Notably, the price also dipped below the Moving Averages periods 9 and 21, signalling increased control by sellers.
AUDJPY Short-term Trend: Bullish
The trendline provided substantial support, preventing further declines. A clear double-bottom chart pattern on the 4-hour chart signaled a bullish resumption of the trend. The price has since reclaimed the key zone of 100.3770, affirming buyer dominance once again.
Looking ahead, long entries at the trendline retest align with the ongoing uptrend. The next supply zone at **102.9080** is now the immediate target, offering potential opportunities for trend-following traders.
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AUDJPY Short-term Trend: Bullish
