AUDJPY Price Recovers as Buyers Stage Opposition

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Market Analysis- March 18th

AUDJPY price recovers as buyers stage opposition.
The recent weeks have witnessed a weaker spot in the Australian market, with sellers taking the lead and pushing the price downward. Their intention was clear: to race below the significant level of 96.880. However, their plans seem to have hit a roadblock as the buyers have regained control. This shift in momentum has caught many traders by surprise and has sparked renewed interest in the AUDJPY pair.

AUDJPY Key Levels

Resistance Levels: 99.170, 98.210
Support Levels: 94.830, 92.240

AUDJPY Long Term-Trend: Bullish

The buyers, who had previously signed out of their bullish sentiment after facing resistance at the 99.170 significant zone, have now made a strong comeback. It appears that they have found a way to navigate through the obstacles presented by the sellers. On the daily chart, the buyers are showing signs of a resurgence from the 96.880 significant level. The stronger the buildup, the higher the chances of overcoming the sellers’ pressure.

As the buyers regain control, traders can anticipate a series of movements in the AUDJPY market. The first step for the buyers would be to charge up to the 98.200 market zone. This level serves as a crucial stepping stone towards breaching through the 99.170 market zone, which has proven to be a significant resistance point in the past. If the buyers manage to break through this level, it could potentially open up further upward momentum for the AUDJPY pair.
The 96.880 level, where the buyers are currently staging their opposition, holds great importance. It serves as a support level, indicating a potential reversal in the price direction. Traders should closely monitor the price action around this level to gauge the strength of the buyers’ resurgence.

AUDJPY Short-Term Trend: Bullish

Another critical level to watch is the 99.170 market zone. This level has acted as a strong resistance point in the past, preventing buyers from pushing the price higher. If the buyers manage to break through this level, it could signal a significant shift in market sentiment and potentially attract more buyers to join the rally.

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