AUDJPY Recovers After Triple Bottom

AUDJPY has shown a notable recovery, with buyers finally breaking free after a period of consolidation. The ascent faced resistance at the 100.0520 level, where a bearish order block had held prices back. However, on the 4-hour chart, a bullish breakout is now visible, signaling renewed buyer strength.

Demand Levels: 100.0520, 95.4530, 93.7370

Supply Levels: 102.6780, 104.6880, 108.2390

Since September, AUDJPY struggled to break above 100.0520. The first test at this resistance led to a sharp pullback as bulls lacked the momentum to advance. After hitting a low at 99.7370, the bulls regrouped and attempted another push. This time, instead of a quick reversal, price consolidated, indicating a stronger presence of buyers.

.

Throughout this consolidation, the Elder Ray Bull and Bear Power indicator suggested bullish strength. The bulls held their ground, revealing a potential shift in momentum to towards the upside.

On the 4-hour chart, a triple bottom pattern preceded the breakout from a bearish channel. This breakout sets the stage for further upside, with the next target at the 102.6780 supply level. This movement could signal a continuation of the bullish trend if buyers maintain momentum.

.

Make money without lifting your fingers: Start using a world-class auto trading solution