AUDJPY attempted to stretch a pullback into a bullish reversal. Upon reaching the origin of the last bearish displacement at 95.3550, the price experienced a crash. Buyers have reorganized to establish a breakout but now face lethargic momentum.
After forming a three-top pattern at 95.3550, the price purged aggressively. The impulsive descent halted with a swing low at 86.0480, initiating a reversal and leading to a pullback.
The price filled the fair value gap region and attempted to push beyond the origin of the last bearish displacement. The ascent was evident in both the market structure and the price rise above the Moving Averages (MA) periods 9 and 21 following a bullish MA cross. Upon reaching the origin of the last displacement at 95.3550, the price crashed back to the bullish trendline. Currently, the market is testing this resistance level once again in an attempt to establish a bullish breakout.
AUDJPY Short-Term Trend: Bullish
The price is slipping back toward the bullish trendline. The trendline could support a breakout attempt. However, momentum remains weak, with candles heavily clustered. A successful breakout should target the next relatively equal highs at 98.350.
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AUDJPY Short-Term Trend: Bullish
