AUDJPY Takes off From a Discounted Price With a Bullish Pin-Bar
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AUDJPY Takes off From a Discounted Price With a Bullish Pin-Bar

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Azeez Mustapha

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Market Analysis – May 9

The AUDJPY market has consistently formed higher highs and lows since the test of the demand level of 86.750. Under the guidance of the Parabolic SAR (Stop and Reverse), three black crows delivered the price to sweep all the lows formed since December. The liquidity-rich region has been used to engineer longs with the aid of the support level of 86.750.

AUDJPY Key Levels:

Demand Levels: 89.160, 87.830, 86.750
Resistance Levels: 91.870, 92.430, 93.000
AUDJPY Takes off From a Discounted Price With a Bullish Pin-Bar

AUDJPY Long-term Trend: Bullish

AUDJPY’s bullish displacement since the test of the 86.750 support level has featured speed, leaving inefficiently traded regions as magnets for a retracement. The pullbacks have also been observed to fill up the fair value gaps for efficient price delivery. On the 27th of April, three white soldiers soared to 92.430.

The upward impulsive motion was followed by a retracement to the 61.8% level of the swing. The 0.618 level was very sensitive, as a bullish pin-bar formed upon reaching the level. The discounted level was used to take off for the next supply zone.
AUDJPY Takes off From a Discounted Price With a Bullish Pin-Bar

AUDJPY Short-term Trend: Bullish

The Williams Percent Range is currently overbought on the 4-hour and daily charts. A pullback is anticipated to launch the price above 92.430.

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