AUDJPY Restarts Consolidation Phase Above 83.110.

AUDJPY Price Analysis – November 16

AUDJPY restarts consolidation movement above the 83.110 significant level in a bid to keep the market in contention for higher levels above the monthly resistance at 85.830. A strong surge from the market wasn’t strong enough to crack the monthly resistance at 85.830 and, as a result, the price dropped. Bulls are, however, still very active in the market and have embarked on a second trial to break through by bouncing off 83.110. Therefore, AUDJPY restarts consolidation.

AUDJPY Significant Levels

Resistance Levels: 87.430, 85.830
Support Levels: 83.110, 80.260

AUDJPY Long Term Trend: Bullish

The 83.110 significant level has been represented as a major consolidation support level since the early weeks of the year. From February to July, it kept the market trying to break out to higher levels for up to 5 months. When price dropped, a major turning point for AUDJPY is at the 80.260 level. Though more impetus was received in other key levels, it was at 80.269 that market bearishness was repressed and then price finally took off in an upsurge on the 1st of October.

Price rallied with significant market momentum, rising to 7% to reach the 85.830 resistance level. Rejection was instant and perseverance from the bulls didn’t make any difference. Therefore, the market drops, however, above 83.110, having entered its zone. Bulls will now take advantage of extra support at the monthly price line at 83.110 to rebound as price restarts consolidation to break through.

AUDJPY Short Term Trend: Bearish

The 4-hour chart shows the consolidation zone between 83.110 and 85.830 separated by midway at 84.720. The market is likely to begin ranging, first with the 84.220 key level. But the goal remains the larger consolidation space, with which price is planning to break through 85.830. The MA period 9 (Moving Average) is now supporting the market from below, pushing it up. The RSI (Relative Strength Index) line is advancing towards the overbought borderline where price might first bounce lower before shooting up again.

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