Market Analysis – May 1
The AUDJPY market has displayed a bullish market structure since April. Higher highs and lows have led the price to the 90.180 supply level.
AUDJPY Key Levels
Demand Levels: 87.890, 86.920, 84.900
Supply Levels: 91.180, 95.140, 96.000
AUDJPY Long-term Trend: Bullish
After multiple failed attempts to break the 91.180 demand level, the sellers utilized a bearish order block alongside resistance provided by the Moving Averages (periods nine and twenty-one) to pull through in December. The ADX (Average Directional Index) revealed the displacement to the downside was accomplished with great magnitude.
After a short-term bullish structure, the downward trend resumed in March. Before the continuation of the downward trend, the ADX revealed the weakness of the short-term uptrend, which was a correction. The main bearish trend resumed above 91.180 and was characterized by strong selling pressure, as seen on the ADX.
AUDJPY Short-term Trend: Bullish
The Moving Averages (periods nine and twenty-one) have turned bullish on the daily chart. The price has risen beyond the previous high below the 91.180 key level. A bullish channel is also guiding the ascent of the market. The Stochastic Oscillator is overbought on the daily and 4-hour timeframes. A retracement after the breakout is therefore anticipated to shoot towards 95.150.
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