Market Analysis – October 31
AUDJPY turns bullish as the price successfully surpasses the resistance of the bearish trendline. The resultant effect was that it led to a sudden and significant upward movement. The price is now finding resistance at the 96.950 level.
AUDJPY Key Levels
Demand Levels: 93.100, 89.800, 86.100
Supply Levels: 96.950, 99.000, 100.500
AUDJPY Long-Term Trend: Bullish
The price initially started to decline after encountering resistance at the 99.000 level. In late May 2023, the trend reached its lowest point and began to retrace.
During the retracement, the bearish trend resistance was broken, resulting in a shift towards a bullish trend. The bullish momentum was strong and provided no appropriate retracement of the price.
However, the formation of a failed high at the 96.950 supply level signaled a halt in the momentum. This led to a pullback phase, during which the price respected the 93.100 demand level and caused a shift in the market structure towards a more bullish outlook.
AUDJPY Short-Term Trend: Bullish
The recent market structure shift resulted in a bullish price action, with the price showing respect toward the upward trend line. It is anticipated that this bullish trend line will serve as support, enabling the price to successfully surpass the 96.950 mark.
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