AUDJPY Resumes Bullish Movement With an Impressive Strength

AUDJPY Price Analysis – January 3

AUDJPY resumes bullish movement with an impressive strength above the 83.030 key level. The market trend has adopted a bullish movement, and the price has therefore settled to proceed with this formation. Even though the sellers are present in the market, their effects are not as great as the bullish tendency in the price action. The bulls, however, signaling momentum, are prepared to undertake price direction on their own accord.

AUDJPY Key Levels:

Resistance Key Levels: 86.150, 83.030,
Support Key Levels: 80.210, 78.770

AUDJPY Long Term Trend: Bullish

AUDJPY first settled its preference following a bearish drop from late November. The bearish contribution caused a huge drop in the price impact. At this stage, the bear appears to have strengthened as it prolonged market movement downward to 78.770 key levels. However, the bullish signal also appeared at this level to push the buyer’s weight forward. The market then continues to linger forward as more strength and supply are made available. The bears also encompass the market, preventing the AUDJPY’s free movement upward.

As the market reaches certain key levels, the bears cause a withdrawal. The fall and rise of market influence continued further till the bulls gained more significant strength to break above the 83.030 key level. The Bollinger Bands indicator contains three specific layers that assist in giving us a clear description of price movement.

AUDJPY Long Term Trend: Bearish

The 4-hour chart of AUDJPY visualizes price tendency following the break at 83.030. The middle band is also broken as the price continues in elevation. AUDJPY will eventually resume bullish eagerness as the price strength increases. The stochastic indicator is in the overbought region as the price action is in preparation for a pullback before the bulls resume influence above the 83.030 key level.

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