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AUDJPY Analysis – August 22nd
AUDJPY traders are still in a consolidation phase as the market continues to unfold. For about two months, there has been a hold on the distribution of prices. The AUDJPY market has been trading inside a descending flag channel and there has not been any opportunity for buyers to break out of the channel. Due to the presence of buy and sell orders on the AUDJPY, the price value has been consolidating and no breakout session has occurred. However, we should be prepared for a change in the price structure in the coming days.
AUDJPY Key Level
Resistance Levels: 92.980, 95.820
Support Levels: 80.480, 87.290
The buy traders are causing an edge upward back to the upper section of the descending trend line. The past week showed us how the price was rejected when sell traders were close to hitting the lower section of the price trend line. The buying action broke through the 92.980 key zone as the price continued to hop forward. Since bearish supply is not left out on the AUDJPY currency pair, a sharp retest was evident before the buyers continued price moment.
Following the retracement moment, we have seen buyers now setting up a price tendency above the 92.980 resistance zone. The money flow index on the AUDJPY pair is currently showing us the price direction as the flow signal has risen above 40.000, which indicates price volume inclination. Traders’ anticipation should therefore be on the lookout for every possible opportunity for buyers to continue its uptrend distribution across the AUDJPY price.
The 4hr chart is made up of both traders’ interactions. As purchase traders return to the 95.820 critical zone, sellers are shutting down every buying opportunity. Buyers, on the other hand, are not giving up on the current pricing situation in the AUDJPY pair. The MA 14 (Moving Average) indicator has crossed an average of 7, confirming increased buying activity on the AUDJPY. Buyers are thus still open to moving towards the upper half of the trend channel and potentially breaking above the 95.820 critical zone.
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