In April, AUDJPY initiated a breakout from a bullish parallel channel. However, upon encountering resistance at the 105.00 level, a notable price rejection occurred, characterized by a prominent wick above a daily down close candle. Presently, the market has resumed its upward trajectory, surging once again towards the critical supply zone of 105.00.
AUDJPY Long-Term Trend: Bullish
Following the resistance at the 105.00 zone, AUDJPY witnessed a three-day decline. However, this pullback found support at the key level of 100.00, reinforced by the bullish trendline, thus revitalizing the overall bullish sentiment.
Despite the downturn post-105.00 resistance, the Williams Alligator indicator consistently signalled a bullish market stance, with its series resting below the daily candles, bolstering the case for a bullish price continuation.
AUDJPY Short-Term Trend: Bullish
During the price pullback, AUDJPY dipped below the 50% range into what can be described as the discount region. The price reached for the optimum level of 61.8% which is commonly used by the best forex signals telegram channels. The market is currently on a swift trajectory towards retesting the previous high at 105.00.
