AUDJPY Analysis – November 28
AUDJPY slows down in its pace as the price is still ready for expansion. The current show on the AUDJPY gives us a clear appearance of price structure in the accumulation stage. The active traders are out of place, and this is a good time for prices to consolidate. The buyers subdued the market indicators as the price rose above the upper trading level. However, the AUDJPY has been pushing above the trend line since then. But the current state shows price volume compression as traders remain silent.
AUDJPY Significant Levels
Resistance Levels: 98.390, 91.200
Support Levels: 87.900, 78.850
AUDJPY Long-Term Trend – Bullish
The buy signal already had a long setup from the 78.859 support zone. The bulls continue to push prices higher as the momentum indicator shows price expansion in reaction to the surrounding volume. With the momentum indicator still strong, the bulls penetrated above the 91.200 market level. The buyers aimed even closer to the 98.380 resistance level but were unable to sustain the ride close to it at the initial attempt.
The currency pair began to aggregate inside the trendline following its breakout from the 91.200 key zone. However, after a while, the price value expanded up to the 98.390 resistance zone. The traders on the daily chart are quiet at the moment, and we are yet to see more spikes on the momentum indicator. The AUDJPY price is accumulating above the trend line, and we, therefore, look forward to an expansion back to the 98.390 key zone. The RSI (Relative Strength Index) is trading in the mid range as we anticipate room for further expansion.
AUDJPY Short-Term Trend – Bullish
The buyers look promising for a breakout in the market. Because the AUDJPY is consolidating, traders should look for a breakout in the coming hours. The RSI is already rising as traders prepare for a return to the 98.390 resistance level.
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