AUDJPY Seeks a Breakthrough Amidst Consolidation

AUDJPY Analysis – February 8

AUDJPY seeks a breakthrough amidst consolidation. The currency pair is currently in a consolidation phase, but it is seeking a stronger direction rather than remaining stagnant this week. The market has yet to show a significant improvement this year. However, the bears are actively seeking a breakthrough. The significant level of 96.210 has become a test ground for the currency pair. The sellers took a strong approach to this level in December of last year. This led to a price break below, hitting down to the 93.720 significant level.

AUDJPY Key Levels

Resistance Levels: 98.390, 96.210
Support Levels: 91.200, 87.900

AUDJPY Long-Term Trend: Bullish

However, the bulls managed to fight back and find a way to escape. Since then, buyers have settled above the 96.210 significant level, resulting in a relatively quiet market. The entire month of January has been characterized by an accumulation market for the AUDJPY pair.

The Money Flow Index, which measures the strength and direction of money flowing into or out of a security, has yet to show a significant movement. Buyers have been relatively dormant for weeks, with no major indications from them. On the other hand, sellers are still showing interest and hoping to push the price lower.

AUDJPY Short-Term Trend: Ranging

Traders should pay close attention to the moving average crossing indicator, as a definite cross could give sellers more advantage this week. Breakouts should be closely monitored as the market progresses. By utilizing the best forex signals, market traders can potentially identify profitable opportunities.

Do you want to take your trading to the next level? Join the best platform for that here