AUDJPY Analysis – Market Halts Price Action in the Bullish Edifice
AUDJPY market halts price action in a bullish edifice following bears involved in the market’s construction. The bullish price activity is assumed to pause due to the price being analyzed to hold a little bearish moment in the action of price movement. The bears are ready to stop the buyers from breaking through the 83.020 level of significance. They, however, intend to cause a withdrawal first before the bulls eventually gather enough momentum to take price movement forward. When the bulls’ pressure increases, their ruling power will also expand.
AUDJPY Levels of significance:
Resistance Levels: 86.120, 83.020 Support Levels: 80.220, 78.760
AUDJPY Long Term Trend: Bullish
However, if the buyers fail to gather strong momentum to follow price action movement, the bears will finally take charge of price influence to assume price movement in their direction. Price activities in the market commenced with a bearish rally, and the price eventually rallied down to the 78.760 level of importance. The bulls, however, gathered enough momentum to carry price movement upward back to the 86.120 level of significance.
Afterward, the bears gained significant power to move price influence downward from the 86.120 price level back to the 78.760 level of importance. When the buyers take over from this level and the price gets to the 83.020 significant level, the market is expected to continue in its motion. However, if the bears eventually add more pressure to the price level, a pullback is inevitable. The Money Flow Index (MFI) shows the price refusing to head towards the overbought region as the sellers are already interfering with the market influence.
AUDJPY Short Term Trend: Bearish
On the 4-hour chart, the price levels are first determined by the bullish trend. The bullish caused a significant upward rally, and AUDJPY is seen to be moving in a bullish direction. However, when the price rallies down to the 83.020 price level, a halt in the bullish moment is expected due to the bears’ influence. A withdrawal to be caused by the bears is therefore expected below the 83.020 level.
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