The AUDJPY pair has been steadily climbing since June following a significant bearish correction in May. Price action has been contained within a well-defined bullish channel. After recently testing resistance at 97.320 and pulling back, the pair has found support in a confluence zone and appears poised to continue its upward trajectory.
The May retracement occurred when the price encountered a confluence of resistance at 97.320, where the level intersected with the upper boundary of the bullish channel. This created a temporary reversal before buyers regained control.
The current bullish continuation follows a successful test of support at 95.4490, which previously acted as resistance before being broken. This level coincided with the channel’s lower boundary and found additional confirmation from the 21-period Moving Average. With the price now trading above key moving averages, the upward momentum appears well-supported.
AUDJPY Short-term Trend: Bullish
The 4-hour chart displays a bullish moving average crossover, while the Hull Moving Average Oscillator confirms growing upward momentum. These technical signals suggest the pair is likely to make another attempt at the 97.320 resistance level in the near term. The overall structure remains bullish, with 95.4490 serving as critical support. A breakout above 97.320 could open the path toward 98.5920, while failure to overcome this resistance may lead to further consolidation.
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AUDJPY Short-term Trend: Bullish
AUDJPY Short-term Trend: Bullish
