The AUDJPY pair recently encountered significant resistance at the 95.750 level. However, buyers ultimately broke through this barrier with a strong bullish push, driving price action toward the next resistance zone at 98.350. Following the formation of a swing high near this level, a retracement ensued, pulling prices back down to retest the former resistance at 95.750—which now appears to be holding as new support.
Earlier this year, the sharp decline from 95.750 found firm support at a critical confluence zone near 91.860, where horizontal price support intersected with a rising bullish trendline. This dynamic support zone facilitated a sustained recovery, propelling prices higher until a decisive breakout above the 95.750 resistance occurred.
Currently, the pair has retraced to retest this breakout level, where early signs of bullish strength are emerging. A Dragonfly Doji candlestick pattern at this retest signals potential reversal momentum, reinforcing the likelihood that 95.750 will now serve as a reliable support base.
AUDJPY Short-Term Trend: Bullish
On lower timeframes, a renewed bullish trend is taking shape following the successful retest of 95.750. This level coincides with a touch of the long-term bullish trendline, further strengthening the support case. Given this confluence of technical factors, upward momentum is expected to resume, with price likely targeting the 98.350 resistance in the near term.
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AUDJPY Short-Term Trend: Bullish
AUDJPY Short-Term Trend: Bullish
