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Market Analysis – September 22
AUDJPY seeks liquidity at the 97.650 supply level. AUDJPY has completed its retracement phase, which began in mid-September 2022. It lasted until late March 2023, marking its major low. This break in the structure has shifted the initial bias of the price action to bullish.
AUDJPY Key Levels
Demand Levels: 91.800, 87.800, 86.100
Supply Levels: 95.800, 97.650, 100.000
AUDJPY Long-Term Trend: Bullish
AUDJPY Long-Term Trend: BullishAUDJPY has transitioned from bearish to bullish as the structure was broken. This led to an impulse advance without a significant pullback. The price encountered resistance at 97.650, resulting in a lower low and indicating a pullback phase.
During the retracement, the price respected the 91.800 level and closed the Fair Value Gap. This satisfied the conditions for initiating buy positions. The support level is at 91.800, combined with the Relative Strength Index crossing the oversold level of 30.00. This led to further strengthening of the bullish inclination of the price.
Following the retracement, the price has been forming higher highs while maintaining a positive trend line. With 95.800 and 97.650 serving as a liquidity zone, it is expected that the bullish momentum will break above these levels.
AUDJPY Short-Term Trend: Bullish
AUDJPY is also exhibiting a bullish outlook based on the structure and the indication from the Moving Average. The current price action is anticipated to surpass the 95.800 level, after which a pullback is expected to create additional liquidity for further bullish movement.
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