Market Analysis – February 7
The AUDJPY market structure remains bullish since the successful bullish reversal in January. The market has pulled back into a bullish order block, which lies at the 91.180 demand level.
AUDJPY Key Levels:
Support Levels: 91.180, 87.890, 89.920
Resistant Levels: 95.150, 98.230, 100.00
AUDJPY Long-term Trend: Bullish
Several attempts to break the support level of 91.180 failed. The market was tested multiple times before December. The seller’s persistence eventually resulted in a breakout in December. The support level had become weak after multiple tests. Immediately after the support level gave way, it served the function of a resistance level. A double bottom revealed the engagement of the buyers at the support level of 87.890.
A bullish reversal played out after the second test of the support level of 89.890. The bearish trendline could not prevent the ascent of Bulls. The retest of the bearish trendline provided support for a break of structure (BOS). The Moving Averages on the daily chart have crossed in February to show the shift in market structure. The moving Averages are currently supporting the ascent of the market. As seen on the Average Directional Index (ADX), the strength of the uptrend is low.
AUDJPY Short-term Trend: Bullish
The market has pulled back into a bullish order block. On the lower time frame (LTF), there is a bullish shift in the market structure. The market is expected to ascend to the resistance level of 95.140.
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