AUDJPY Reattacks the Resistance Zone of 105.00

Market Analysis – May 29

AUDJPY has pulled back to the mitigation block at 101.00, regaining support for renewed bullish momentum. Following this pullback, the price is now on the verge of surpassing the current year’s high of 105.00, indicating a potential continuation of the upward trend.

AUDJPY Key Levels

• Demand Levels: 97.80, 95.60
• Supply Levels: 105.00, 110.00

AUDJPY Long-Term Trend: Bullish

Buying pressure for AUDJPY rose significantly after testing the demand level of 97.80 in late May. This surge was marked by the appearance of three white soldiers, indicating strong bullish sentiment, following the rejection at this demand level. A prominent hammer candle further confirmed this reversal. Subsequently, the price quickly advanced towards the 105.00 level.

However, as the price reached the supply zone of 105.00, it faced exhaustion. This led to a retracement, as evidenced by three consecutive down days. The retest of the mitigation block at 101.00 successfully halted this pullback, providing a base for the price to recover. The Moving Averages (periods 9 and 21) have played a crucial role in supporting the resumption of the price ascent.

AUDJPY Short-Term Trend: Bullish

In the short term, AUDJPY is poised to challenge and potentially surpass the current year’s high of 105.00, aiming to establish a new high. The Hull Butterfly Indicator reveals that buyers remain dominant, suggesting continued upward momentum. A break above the resistance level of 105.00 should propel the price towards the next significant level of 110.00, highlighting the potential for substantial gains.

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