Market Analysis – October 24
AUDJPY has successfully established a bullish market structure shift after facing significant resistance at 99.00. The bears posed a challenge, but the bulls have now regained control. They are driving the pair higher, with the next target being the supply zone at 102.680.
AUDJPY Key Levels
Demand Levels: 95.460, 93.740, 89.990
Supply Levels: 102.680, 106.640, 108.240
AUDJPY Long-Term Trend: Bullish
AUDJPY Long-Term Trend: BullishThe double swing lows formed at 93.740 on the daily chart in August and September signalled an early bullish reversal. The second low came after a rejection from the bearish order block at 99.00. Following this, the price surged, pushing beyond its previous reversal point. This resulted in a clear Break of Structure (BoS), indicating a strengthening bullish trend.
Now, another BoS has emerged, and the price is heading towards 102.680 resistance. The Parabolic SAR supports this movement, with points forming under the daily candles, confirming upward momentum.
AUDJPY Long-Term Trend: Bullish
AUDJPY Long-Term Trend: BullishA bullish breakout from a symmetrical triangle is also visible on lower timeframes. The 9-period Moving Average provides solid support beneath the price as it moves toward 102.680. The supply zone at 102.680 offers an immediate target for the best forex signals. This breakout provides a good entry point for bullish trades, especially for those targeting new supply levels. Traders should watch for any retracements as the price approaches key resistance.
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