AUDJPY Leverages the 91.120 Key Support to Keep Bullish Agenda on
Login

AUDJPY Leverages the 91.120 Key Support to Keep Bullish Agenda on Track

Estimated Reading Time: 2 minutes
Article Rating:
Based on 1 vote
Login to rate this article.

Azeez Mustapha

Updated:

AUDJPY Analysis – May 2

AUDJPY leverages the 91.120 significant price level to keep its bullish campaign on track. After the currency broke out and made a strong price rise, weakness began to set in among the buy-traders around 92.930. This led to the first setback in the bullish agenda, but the market leverages the strong support at 91.120 to push further. AUDJPY fails again at 95.620, but the 91.120 support keeps the price afloat and the bullish agenda on track.


AUDJPY Key Levels

Resistance Levels: 97.040, 95.620, 92.930
Support Levels: 91.120, 80.260, 78.850

AUDJPY LEVERAGES AUDJPY Long Term Trend: Bearish

AUDJPY has been involved in a very intense price struggle before now as bulls and bears try to claim control of the market. Hence, the price can be seen vacillating strongly between the key levels of 85.830 as resistance and 78.850 as support. This led to the formation of a series of price structures that the bulls exploited fully to cause a price upsurge.

This led to a more than 13% price increase before weariness kicked in among the bears. By this time, however, the market has risen to a safe spot above the strong support at 91.120. Hence, the market continuously leverages this key level to keep the bulls’ dominance alive. There is a bit of weakness in the market as shown by the MACD’s (Moving Average Convergence Divergence) drooping line. However, AUDJPY leverages on the lower Bollinger Band, which confluences with 91.120 to bounce back.

AUDJPY leverages the 91.120 significant AUDJPY Short Term Trend: Bearish

On the 4-hour chart, the price is once again dropping towards the 91.120 strong support for the third time in about a month. Hence, the price has traded to the downside of the middle Bollinger Band. The bulls, however, will be looking to repeat their trick of leveraging the support level to keep their bullish campaign alive. The price will bounce back towards the 95.620 resistance level.

How To Buy Lucky Block 

Note: Learn2.trade is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results.

  • Broker
  • Benefits
  • Min Deposit
  • Score
  • Visit Broker
  • Award-winning Cryptocurrency trading platform
  • $100 minimum deposit,
  • FCA & Cysec regulated
$100 Min Deposit
9.8
  • 20% welcome bonus of upto $10,000
  • Minimum deposit $100
  • Verify your account before the bonus is credited
$100 Min Deposit
9
  • Over 100 different financial products
  • Invest from as little as $10
  • Same-day withdrawal is possible
$250 Min Deposit
9.8
  • The Lowest Trading Costs
  • 50% Welcome Bonus
  • Award-winning 24 Hour Support
$50 Min Deposit
9
  • Fund Moneta Markets account with a minimum of $250
  • Opt in using the form to claim your 50% deposit bonus
$250 Min Deposit
9

Learn to Trade

Never Miss A Trade Again

step 1
Signal Notification

Real-time signal notifications whenever a signal is opened, closes or Updated

step 2
Get Alerts

Immediate alerts to your email and mobile phone.

step 3
Entry Price Levels

Entry price level for every signal Just choose one of our Top Brokers in the list above to get all this free.

Share with other traders!

telegram
Telegram
forex
Forex
crypto
Crypto
algo
Algo
news
News