The AUDJPY Market Experiences a Bullish Breakout

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Market Analysis – February 28

The AUDJPY daily candles have swerved above the bearish trendline. The market has turned bullish with the double bottom above 87.890.

AUDJPY Key Levels

Demand Levels: 91.180, 87.890, 85.920
Supply Levels: 95.140, 98.230, 100.000

AUDJPY Long-term Trend: Bullish

The market resumed its descent after reaching 95.140. Lower highs and lows formed as the price declined. The Parabolic SAR indicator (Stop and Reverse) indicated the market was bearish during late November and early December. AUDJPY experienced a break of structure in December after a test of the bearish trendline. An impulsive move swept the lows at 91.180. The market plunged to the 87.890 demand level.

The bears struck twice at the 87.890 demand level but failed to push through. A failure swing formed in the new year. The second test of the 87.890 demand level provided support for an ascent. On the indicator phase, the stochastics slightly tipped into the oversold zone. This triggered the ascent of the buyers. The Parabolic SAR (Stop and Reverse) confirmed the change of trend.

AUDJPY Short-term Trend: Bullish

AUDJPY has experienced a bullish breakout above the 91.180 key level. The retest of the bearish trendline has led to a Break of Structure (BOS). The supply level at 95.140 appears to be the next target of the buyers. The market is currently returning to a bullish order block to gain support for an ascent.

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