AUDJPY Price Reacts to Buying Sentiment

AUDJPY Analysis- October 24

AUDJPY price reacts to buying sentiment as the market is open for buying recovery. The buy traders are currently charged with extending buying diplomacy back to a significant level of 97.040. The buying opportunity is currently open as the Parabolic SAR (Stop & Reverse) indicators show buyers’ engagement leaping forward. Traders who are quite aware of their buying stance can look for buying opportunities in the market. As a result, the parabolic is still defined to extend higher back beyond the 97.040 key zones.

AUDJPY Significant Zones 

Resistance Zones: 97.040, 91.960
Support Zones: 87.890, 82.560 

AUDJPY Long-Term Trend – Bullish 

The buyers were previously in the view of causing the price trend to rally back then. In a strong trend, the bulls charged up the price moment to 78.850 key zone, and the price moment was sustained up to 97.040 key zone at some point on the AUDJPY price. The sellers lately augmented their selling attitude as the price trend entered into a consolidation phase. In an attempt to break the consolidation trend, the bull tried to break down the strong resistance level of 97.040. They were, however, held back with a sudden push by selling sentiment into consolidation. 

Nevertheless, the buyers are still looking positive as buying opportunities keep opening up despite the consolidation. As the Parabolic SAR remains overwhelmed with buying sentiment, the moving average crossing indicator has indicated the need for a buy crossover. The RSI (Relative Strength Index) signal line expansion is above to cross the 50.00 level despite selling intervention to affect the buying sentiment.

AUDJPY Short-Term Trend-Bullish

The market is still in a consolidation phase on the 4-hour chart. Nevertheless, the buyers are still much more involved than the sellers in pushing the price moment forward. Regardless of the selling effect on the 4hr chart, we expect some buying activity in the market towards the 97.040 key zone.

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