AUDJPY Price Analysis – October 18
AUDJPY retains its bullish instinct even as the price climbs to the 84.220 key level. The movement of AUDJPY has been rather straightforward in the past few days, and that is because price retains its bullish impulse. This is shown in consecutive strong bullish candlesticks lined up from the 7th of October. This bullish instinct has helped the market evade multiple significant levels.
AUDJPY Significant Levels
Resistance Levels: 81.500, 81.900, 84.220
Support Levels: 80.260, 78.850, 78.140
AUDJPY Long Term Trend: Bullish
AUDJPY Long Term Trend: BullishThe market started and completed its reversal process using a triangle formation. The pattern began as price touched down at the 78.140 price level, where the reversal effectively started. As the market tapered down the triangle pattern, the 80.260 support was the hinge level that bulls leveraged to break out upwards. Hence, from the 24th of September, price climbed to the level and cranked with the upper border of the triangle till it broke upward.
AUDJPY displayed a sudden surge in market volatility to break out of the triangle formation and also to climb to 83.110. However, the ATR (Average True Range) indicator shows that market volatility has thereafter simmered down and is already taking a dipping position. Taking this in conjunction with the display of the Stochastic Oscillator, which has climbed deeply into the overbought region, a retracement is likely on the cards.
AUDJPY Short Term Trend: Bullish
AUDJPY Short Term Trend: BullishOn the 4-hour chart, there is already a pullback in the market. The price is retracing its steps towards the key level of 84.220. The market is expected to retest this level to continue its upward movement as AUDJPY retains its bullishness. The Stochastic Oscillator, in accordance, is already plunging from the overbought zone to confirm this.
AUDJPY is expected to continue its bullish agenda to reach a 3-year high at 85.830.
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