The AUDJPY bulls are struggling to break past resistance. The key resistance at 100.380 has halted bullish progress, resulting in a sideways price movement. This range reflects a strong contest between bulls and bears, each holding firm.
In August, the demand level of 93.740 rejected further downside, reversing the market direction upward. A strong bullish impulse pushed the price up to the resistance zone at 100.380, where momentum stalled, leading to another retreat back to 93.740. This demand level proved resilient, with a second bounce in September, forming a double bottom chart pattern—a sign of a potential bullish reversal.
Following the second test, the price exceeded the previous swing high, a promising sign for bulls. However, despite this initial strength, AUDJPY remains trapped below 100.380. The momentum indicator reveals declining strength, indicating that buyers are losing steam at this critical resistance zone.
AUDJPY Short-Term Trend: Bullish
On the 4-hour chart, a clear range is evident. Each attempt to move beyond the resistance faces quick pullbacks, revealing an ongoing battle between buyers and sellers. The ADX indicator, currently below 20, confirms a lack of clear direction on this lower timeframe. Until either side dominates, AUDJPY may remain confined within this range.
AUDJPY Short-Term Trend: Bullish
AUDJPY Short-Term Trend: Bullish
