The AUDJPY pair has executed a bullish breakout above the resistance trendline that previously reinforced the downward trend. Following the breakout, the price underwent a pullback during which a double bottom pattern formed, enabling the pair to regain strength and resume its bullish trajectory.
In August, the price tested the support level of 86.050, at which point the Relative Strength Index indicated that the price was oversold. Subsequently, the price rapidly retraced and established a bullish structure.
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The price’s rise above the 30 and 50-period Moving Averages coincided with its ascent above the bearish trendline, providing stronger confirmation of the trend shift.
After reaching 95.320, the price pulled back to 92.440 to find support, where a double bottom bullish reversal pattern formed. This pattern subsequently propelled the price back towards 95.320.
AUDJPY Short-term Trend: Bullish
The market is exhibiting a strong bullish trend on the four-hour chart. The price rallies towards the swing high at 95.320, driven by sustained buying pressure. A successful breach of this level could pave the way for further gains, with the next resistance level at 98.450 coming into focus.
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AUDJPY Short-term Trend: Bullish
AUDJPY Short-term Trend: Bullish
