AUDJPY’S Short-Term Bullish Ride Reaches Resistance Zone

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AUDJPY Analysis – December 12

AUDJPY’s short-term bullish ride has finally reached a resistance region. The AUDJPY is still in a downward trend. The daily candles are decently organized within the bearish channel on the daily chart. The recent bullish candles formed in the previous week appear to be a counter-trend move.

AUDJPY Major Levels

Demand Levels: 91.20, 92.00, 92.60
Supply Levels:  95.00, 94.00, 95.40

AUDJPY Major Trend: Bullish

The buyers broke the resistance level of 94.00 in October. The bullish shift in market structure didn’t hold for long as the sellers were persistent. The influx of buyers caused the price to rise from 91.20. Lower highs and lows have formed since the supply level of 95.40 was tested.

The bullish candles anchored on the bearish trendline serve as an order block at 96.60. The order blocks are potential threats to the bullish ride. The sellers are likely to take advantage of this region to end the short-term bullish run.

AUDJPY Short-Term Trend: Bullish

The Moving Averages on the four-hour timeframe are supporting the intraday candles against the resistance trend line. AUDJPY’s short-term bullish ride is likely to experience a reversal at 92.60.

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