AUDJPY Price Finds Support on Bullish Trendline

Market Analysis – June 13

The AUDJPY pair fluctuated within a parallel channel from December until May. In May, a breakout propelled the price beyond the upper boundary of this channel. Currently, the price has retraced to the resistance border of the channel to find support, suggesting a potential continuation of the uptrend.

AUDJPY Key Levels

• Demand Levels: 102.60, 100.20
• Supply Levels: 105.00, 110.00

AUDJPY Long-Term Trend: Bullish

The appearance of three white soldiers in April highlighted strong bullish momentum in the market. This pattern emerged following a rejection of the parallel channel support, marked by a hammer candle. The resulting bullish breakout led to a swing high at 105.00.

Post-breakout, the price pulled back to a mitigation block, finding support and expanding towards the 105.00 swing high. Although the market fell short of this high, it has once again retraced to the resistance border of the parallel channel, indicating potential support and further upward movement.

AUDJPY Short-Term Trend: Bullish

On the four-hour chart, the market structure remains bullish. The Bollinger Bands on both higher and lower timeframes have provided support, reinforcing a bullish displacement. The price is expected to reach the previous high of 105.00.

In the short term, traders should watch for potential bullish setups around the current support levels. The interaction with the lower Bollinger Band on shorter timeframes suggests that the price may rebound and aim for the supply level at 105.00. Additionally, the psychological level of 110.00 serves as a significant upside target for the best forex signals if the bullish trend persists.

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