AUDJPY Remains Bullish Amidst Selling Pressure at the 98.600

 AUDJPY Analysis – November 28

AUDJPY remains bullish amidst the selling pressure at the 98.600 price level. The market has been bullish since the price’s expansion from the discount zone. Since September 2023, the MACD (Moving Average Convergence Divergence), has been above the zero line. According to the MACD, the bullish trend is likely to continue for a long time.

AUDJPY Key Levels

Demand Zones: 91.790, 86.060
Supply Zones: 98.600, 102.840

AUDJPY Long-Term Trend: Bullish

From the 86.060 demand zone, AUDJPY made a reversal to the upside. The reversal from the 86.060 demand zone led to the breakout through the 91.790 previous resistance as the bullish trend emerged. Prior to the breakout through the 91.790 previous resistance, the price significantly struggled below 91.790. A bullish order block formed at 90.000, sponsoring the breakout, which eventually occurred on June 2, 2023.

An immediate expansion to the upside aggressively occurred until a swing high formed at 97.670. Followed by a notable correction to the downside, AUDJPY bounced off the 91.790 price level. The uptrend resumed, breaking all major resistance along its path. In November 2023, AUDJPY bounced off a breaker block at 96.000, forming a bullish order block as the uptrend continued. As the price hits the FVG (Fair Value Gap), AUDJPY is expected to keep rallying.

AUDJPY Short-Term Trend: Bullish

According to the MA Cross, the overall trend of the market remains bullish. On the four-hour chart, the market is currently heading into the discount zone of the market’s trading range. As soon as the FVG (Fair Value Gap) is filled, AUDJPY is expected to keep rallying.

 

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