AUDJPY buyers have contended with the resistance posed from the bearish order block of 100.380 since October. Since the reach of the bearish order block, the market has been fluctuating at the same point, leading to the formation of a range. The price recently peeped above the range, giving positive signals to the continuation of the uptrend.
AUDJPY Key Levels
Demand Levels: 95.460, 93.740, 89.990
Supply Levels: 102.910, 104.640, 108.240
AUDJPY Long-term Trend: Bullish
The market formed a second swing low in September that preceded and fostered the current bullish trend. At the formation of the low, the price was oversold, encouraging the reversal at 93.740. Currently, the ascent has stalled at the bearish order block of 100.380.
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Notably, the merging and rest of the Moving Averages periods 9 and 21 on the bodies of the candles revealed a pause in the uptrend. Furthermore, a bullish trendline anchored on the major lows of the uptrend has been extended to provide support to break the range.
AUDJPY Short-term Trend: Bullish
Recently, the price slightly rose above the range, also pushing above the bearish order block. This appears to be a positive sign to reinforce bullish forex signals. Consequently, the price has slipped back into the range with the expectation of a test of a bullish order block to launch the price to 102.910.
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AUDJPY Short-term Trend: Bullish
AUDJPY Short-term Trend: Bullish
