AUDJPY Remains Bullish as the Moving Average Cross Signals Upward Move

AUDJPY Analysis – January 1

AUDJPY remains bullish as the Moving Average Cross signals an upward move. The AUDJPY pair had transitioned to a bullish trend, ending the bearish trend since early 2023. Following a crash into the 86.100 demand zone, the market experienced a rally, propelling prices upward, reaching a peak at 97.700. The market currently operates within a range of 91.800 and 98.600 price levels, with a potential pivot point at the bullish order block.

AUDJPY Key Levels

Demand Zones: 91.80, 86.10
Supply Zones: 98.60, 102.90

AUDJPY Long-Term Trend: Bullish

The AUDJPY pair shifted to a bullish sentiment, marking the end of a bearish trend in early 2023. This shift culminated in a crash into the 86.100 demand zone, serving as a significant turning point. Following the crash into the 86.100 demand zone, the market experienced a substantial rally, propelling prices upward in fractals. This upward momentum continued until reaching a peak at 97.700, showcasing the strength of the bullish resurgence.

Presently, AUDJPY operates within a range, confined by the 91.800 and 98.600 price levels. Notably, a recent reaction at the Fair Value Gap (FVG) within the premium of the trading range suggests a potential pivot point. Despite the Stochastic Oscillator indicating a current downward move, a probable conclusion lies at the bullish order block within the discount zone. This sets the market for an anticipated upsurge, aligning with the overall upward trend. The impending bullishness is likely to drive the price beyond the 98.600 resistance.

AUDJPY Short-Term Trend: Bullish

A double top has been formed within the market’s trading range. According to the Stochastic Oscillator on the four-hour chart, the market is already in an oversold region. The impending bullish trend is expected to run through the buy-side liquidity above the double top until 98.600 resistance is reached.

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