AUDJPY Makes Bullish Breakout Above a Major Resistance Zone

AUDJPY Market Analysis – March 21

AUDJPY makes a bullish breakout above the major resistance zone at 85.740. There was a very neat bullish rally after the cross of the Moving Averages period Nine and twenty-one. From mid-November into late March, the close of the daily candles was above the Moving Average period twenty-one. At the end of the bulls’ rally, the momentum of the uptrend was reduced as an ascending triangle was formed.

AUDJPY Key Market Zones

Resistance Zones: 85.740, 84.120
Supply Zones: 80.569, 78.240

AUDJPY Long Term Trend: Bullish

The market tapped into the major resistance zone at 85.740. The Moving Average period nine (blue) crossed the Moving Average Period twenty-one (red) to rest beneath. This indicated that the market was about to change direction. There was a bearish breakout on the 16th of June.

The bearish breakout below the major resistance zone led the market to the 78.240 demand level. The close of the majority of the daily candles rested beneath the Moving Average period twenty-one till the demand zone was stroked. The market formed a double bottom as the Moving Average switched positions again to signify a change of direction. The market cleared the high formed on the 6th of September. Price has risen to the major resistance level of 85.740.

AUDJPY Short Term Trend: Bullish

A bullish breakout above the major resistance zone at 85.740 failed. The Moving Averages period nine and twenty-one crossed the stamp, indicating the change in direction. In the daily time frame, a symmetrical triangle formed. This led to the symmetrical triangle breakout and eventually through the major resistance zone at 85.740. The market is expected to come back to the significant resistance zone so that it can be used as new support to keep the bullish rally going even further.

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