AUDJPY Price Hovers Above Bullish Order-block

Azeez Mustapha


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Market Analysis – June 28

The AUDJPY price has consistently soared over the past few days, exhibiting a steep bullish trend. This buying pressure has significantly driven the price upward. Currently, the AUDJPY market is showing signs of exhaustion after a successful breakout above 102.620.

AUDJPY Key Levels

  • Demand Levels: 102.600, 100.500
  • Supply Levels: 105.00, 110.00

AUDJPY Price Hovers Above Bullish Order-blockAUDJPY Long-Term Trend: Bullish

In May, the AUDJPY price fell short of reaching the swing high of 105.00. It then pulled back to the Smoothed Heikin Ashi Candles for support. This pullback provided a solid foundation for the next upward movement. Shortly after testing this support, the price surged and broke above 105.00, signaling a strong bullish continuation. The appearance of three white soldiers indicated robust buying energy, further cementing the bullish sentiment.

However, current market indicators suggest a shift. The Relative Strength Index (RSI) has now reached the oversold region, signaling buyer exhaustion. Additionally, the daily candle has turned bearish for the first time after a series of bullish days. These signs indicate that the buying momentum might be weakening, and a correction could be on the horizon.

AUDJPY Price Hovers Above Bullish Order-blockAUDJPY Short-Term Trend: Bullish

On the 4-hour chart, the price has pulled back to the Smoothed Heikin Ashi Candles. The RSI is also moving away from the oversold region, indicating a potential weakening of bullish momentum. This shift suggests that a retracement is possible before the price targets the next psychological level of 110.00. The market is expected to pull back to the bullish order block of 106.00, which could provide the necessary support to fuel the continued bullish momentum.

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Azeez Mustapha

Azeez Mustapha is a trading professional, currency analyst, signals strategist, and funds manager with over ten years of experience within the financial field. As a blogger and finance author, he helps investors understand complex financial concepts, improve their investing skills, and learn how to manage their money.

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