The AUDJPY pair has displayed signs of renewed bullish momentum after a brief retracement from the resistance zone at 99.210 on the daily chart. Following the pullback, buyers have re-emerged, pushing the price higher and signaling a potential breakout on lower time frames.
The long-term outlook for AUDJPY remains firmly bullish, with price action reflecting multiple phases of reaccumulation. These phases, identified by the Lux Algo Range Detector, highlight the periods of consolidation within the broader uptrend, as seen over the last year.
With a bullish displacement from the 93.420 demand level driving a 7.6% gain, the market has resumed its upward trajectory after a brief pause. This upward movement has also confirmed a bullish break of structure, suggesting that the pair is positioned for further gains.
AUDJPY Short-term Trend: Bullish
On the 4-hour chart, the price is forming a clear double-bottom pattern, often associated with bullish reversals. A break above the 102.00 psychological resistance could spark further upside, with potential targets set around the 106.620 level. This breakout would likely cement a stronger bullish environment, providing buyers the best forex signals and opportunities in the short term.
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