AUDJPY price is currently displaying a steady upward movement, approaching the 95.50 level. In the months of February and March, the market witnessed a downward movement in price. The current bullish momentum is posing a potential challenge to the resistance level of 95.530.
The market experienced a bullish reversal in March. Prior to the shift in market structure, the Stochastic indicator indicated buyer exhaustion. Currently, a bullish trendline is providing support, enabling the price to challenge resistance levels above its current value.
During a pullback to the support level of 92.750, increased buying pressure was observed as daily candles approached the lower Bollinger Band. This resulted in a nearly 5% price increase.
AUDJPY Short–termTrend: Bullish
The steep upward slope in the trend reflects strong buying momentum. As a result, it is anticipated that the upcoming resistance level at 95.530 will be surpassed. The market structure remains bullish as the price steadily rises towards the 95.530 resistance level, supported by a bullish trendline and increased buying pressure.
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