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Market Analysis – AUDJPY Sellers Fight Back as the Price Breaks Back to the 96.620 Key Zone
AUDJPY sellers fight back as the price is currently relieved below the 96.620 key zone. The bull market was seen to have made a relapse following its short surge in price. Traders had hoped that the buyers would continue their race without hindrance following a price breakthrough above the 96.620 key zone. The bears have succeeded in fighting back, as we saw a ride back from them last week. The previous week ended with the sellers placing orders below the 96.620 key zone. Although traders are still anticipating a continuation of the buying force later, the sellers are still posing a threat to cause havoc for a while.
AUDJPY Key Zones
Resistance Zones: 96.620, 87.940
Support Zones: 84.010, 78.870
The bulls have placed a consistent buying pattern on the AUDJPY price since the beginning of this year. From the 78.870 key price zone, the bulls began piling on the price pressure. A rising force took place in March 2022, until a full-ride journey was seen up to 96.620 key zone. The bullish strength, therefore, started to decline as sellers found their strength down to the 87.940 key zone. However, with the selling display, the buyers were still on the verge of proceeding. After the sellers’ fatigue went lower, the buying potency was restored to an 87.940 key zone.
A consolidation experience was not left outside of the AUDJPY price moment. After buyers progress to 96.620, the price action swings down a little in consolidation before we see a breakout later on. The opening of the previous week shows price resilience above the 96.620 key zone. However, the bullish trend becomes altered following the breakout. The MACD (Moving Average Convergence & Divergence) indicator shows buying strength declining gradually as sellers are pulling back below the 96.620 key zone.
The 4-hour chart shows sellers cutting down as the pullback continues to hold. The RSI (Relative Strength Index) shows buyers’ strength coming to life as they are heading back to the 96.620 key zone. A push above the 96.620 key zone can give buyers more chances of rallying above 96.620 key zone.
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