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Market Analysis – July 4
The AUDJPY currency pair demonstrated a period of modest upward movement throughout the months of April and May, displaying gradual price advancements within a parallel channel. Nevertheless, the vigour behind this upward trend gradually diminished, evident in the declining value of the Average Directional Index (ADX). This decline served as an indication of fading momentum and hinted at the possibility of an impending alteration in market dynamics.
AUDJPY Key Levels
Demand Levels: 90.00, 86.50, 80.00
Supply Levels: 95.50, 96.00, 98.40
AUDJPY Long-Term Trend: Bullish
AUDJPY Long-Term Trend: BullishHowever, the situation changed significantly in June, as AUDJPY experienced a notable surge in upward momentum. The ascent during this period was remarkably strong, marked by a succession of consecutive bullish candles that propelled the price towards the key level of 97.000.
The impressive upward movement was further substantiated by a significant rise in the ADX, signalling the renewed strength and conviction of the uptrend. Notably, the price surged by more than 8 per cent over the first half of June, highlighting the substantial buying pressure in the market.
AUDJPY Short-Term Trend: Bearish
AUDJPY Short-Term Trend: BearishFollowing the robust ascent, AUDJPY underwent a corrective phase, forming a flag pattern. This pattern is a common occurrence in technical analysis and typically represents a brief pause or consolidation within an ongoing trend.
The recent bullish breakout from the flag pattern suggests that the buyers have regained control and that the overall uptrend is resuming. This breakout serves as a bullish signal, indicating that the upward trajectory is likely to continue.
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