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

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 LEVERAGESAUDJPY 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 significantAUDJPY 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
  • 20% welcome bonus of upto $10,000
  • Minimum deposit $100
  • Verify your account before the bonus is credited
$100 Min Deposit
9
  • Award-winning Cryptocurrency trading platform
  • $100 minimum deposit,
  • FCA & Cysec regulated
$100 Min Deposit
9.8
  • Over 100 different financial products
  • Invest from as little as $10
  • Same-day withdrawal is possible
$100 Min Deposit
9.8
  • Award-winning Cryptocurrency trading platform
  • 14 Cryptoassets available to invest in
  • FCA & Cysec regulated
$200 Min Deposit
9.8

Highly volatile unregulated investment products. No EU investor protection.

  • Trade top Cryptos such as Bitcoin, Litecoin and Ethereum plus more
  • Zero commissions and no bank fees on transactions
  • Around the clock service with support in 14 languages
$100 Min Deposit
8.5
  • The Lowest Trading Costs
  • 50% Welcome Bonus
  • Award-winning 24 Hour Support
$200 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
Share with other traders!

Azeez Mustapha

Azeez Mustapha is a trading professional, currency analyst, signals strategist, and funds manager with over ten years of experience within the financial field. As a blogger and finance author, he helps investors understand complex financial concepts, improve their investing skills, and learn how to manage their money.