AUDJPY Analysis – December 12
AUDJPY resumes its bullish trend as the price returns from the discount zone. The market’s order flow is clearly bullish as prices move fractally from the discount zone to the premium zone and vice versa. The resumption of the uptrend follows the price’s recent retraction at the rejection block. The uptrend is likely to continue as the price leaves the oversold state, according to the Stochastic Oscillator.
AUDJPY Key Levels
Demand Zones: 91.80, 86.10
Supply Zones: 98.60, 102.80
AUDJPY Long-Term Trend: Bullish
In March 2023, AUDJPY made a rebound at the support level of 86.10. A subsequent upswing emerged, with prices moving in fractals as the bulls made an effort to take control of the market. The MA Cross flipped bullish a few days later, thereby strengthening the conviction of more bulls in the market. More inflows of buy orders kept entering as the price approached the previous major resistance at 91.80. The initial fluctuation about the 91.80 resistance indicates the bears’ intention to cease control of the market.
However, despite the bears’ struggle, the price broke upward, hitting the stops of the bears. This led to a massive upsurge, typically indicating the absence of the bears until 97.00. In a bid to fill the liquidity void during the rally, a notable correction to the downside emerged. The upward trend resumed afterwards but with lower volatility. A short-term high formed at 96.90 and was eventually invalidated a month later. As a result of the retraction from the rejection block, AUDJPY seems to have successfully resumed its uptrend.
AUDJPY Short-Term Trend: Bearish
On the four-hour chart, following the injection of the buy orders at the rejection block, the market experienced a short-term consolidation. AUDJPY shows a sign of a change in market trend to the upside as it expands upward. The bullish trend is expected to continue as the buying momentum increases.
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