Bullish Breakout Is Prominent on AUDJPY

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AUDJPY Analysis – April 18

A bullish breakout is prominent on AUDJPY after a few days of consolidation. The market trend has been very bullish since the major demand zone at 78.880 was tested in December. The demand zone was tested earlier in August and September. Three white soldiers formed immediately after the demand zone was reached on the 6th of December 2021.

AUDJPY Major Zones

Demand Zone: 78.880, 91.110
Supply Zone: 97.360, 86.260

AUDJPY Long Term Trend: Bullish

The market left a void on the 26th of November in the downward trend that led to the demand zone. The upward move filled the gap with three white soldiers from the 21st of December till the 23rd of December. After clearing the intermediate high, the market retraced in January, forming a momentary downtrend. A bullish breakout was prominent on AUDJPY from the brief downtrend in January.

The market rallied towards the 86.260 supply zone slowly. The 15th of March experienced little volatility. A very aggressive bullish breakout followed this. The market rallied with a lot of speed to the next major zone at 91.110. There was a series of eight consecutive bullish candles from the 15th of March till the 24th.

AUDJPY Short Term Trend: Bullish

There is a bullish breakout that is prominent in the AUDJPY market. A sharp rejection was experienced on the 28th of March after the market violated the supply zone. The market retraced back to the previous supply zone at 91.110. The major zone at 91.110 helped the bulls rally. A symmetrical triangle was formed above the 91.110 zone. A huge daily candle has pushed through the resistance triangle, causing a bullish breakout in the market.

The bulls will rally further to the next supply zone at 97.360. The Moving Averages are currently resting below the daily and four-hour candles, signifying bullishness in the market.

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