AUDJPY Price Rebounds from Discount Region
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AUDJPY Price Rebounds from Discount Region Amid Bullish Momentum

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Azeez Mustapha

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Market Analysis – May 15

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 Price Rebounds from Discount Region Amid Bullish Momentum 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 Price Rebounds from Discount Region Amid Bullish Momentum 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.

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