AUDJPY Retests Key Zone after Bullish Breakout

Market Analysis – October 10

AUDJPY has surged above the key resistance zone at 110.10, signaling the potential beginning of a bullish trend. This breakthrough reflects growing buyer strength in the market After pushing past this resistance, the price retraced back into the zone, where it is now seeking support, setting the stage for a potential bullish continuation.

AUDJPY Key Levels

• Demand Levels: 96.110, 93.420, 91.420
• Supply Levels: 102.620, 104.530, 108.300

AUDJPY Long-term Trend: Bullish

AUDJPY’s climb from the demand level at 91.420 encountered initial resistance upon contact with the bearish order block at 100.110. This level temporarily halted the price ascent as the market absorbed selling pressure in the region.

After a brief deflection, bullish momentum built again, leading to a decisive move past the swing high at this key level. This second breakout attempt was reinforced by signals from the Machine Learning Lorentizan Classification indicator, which confirmed the bullish entry. The Hull Butterfly indicator further supports this trend by highlighting strong underlying momentum driving the pair upward.

AUDJPY Short-term Trend: Bullish

In the short term, AUDJPY’s pullback into the resistance-turned-support zone has led to the formation of a hammer candle, suggesting a possible continuation of the upward movement. On the four-hour chart, the price has tested a bullish order block around 99.210, showing early signs of a rebound. The recent pullback offers a strategic opportunity for identifying optimal trade entries and generating forex signals, as the market prepares for another potential upward move.

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