The AUDJPY Market Forms a Bullish Market Structure
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The AUDJPY Market Forms a Bullish Market Structure

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Azeez Mustapha

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Market Analysis – February 13

The AUDJPY market structure has turned bullish as higher highs and lows are assembled from the 87.890 demand level. An ascending uptrend channel is also visible on the daily chart.

AUDJPY Key Levels

Demand Levels: 91.180, 87.890, 85.920
Supply Levels: 95.140, 98.230, 102.00

The AUDJPY Market Forms a Bullish Market Structure

AUDJPY Long-term Trend: Bullish

The AUDJPY market switched from an uptrend to a downtrend after the supply level of 98.230 was reached. The Moving Average Convergence and Divergence (MACD) indicated that the market was overbought in September. The Moving Average period nine also swerved above the daily candles. The Moving Average period twenty-one followed after. Buyers attempted to prevent a further drop in price below 91.180. The market rallied for a short time during October.

The price continued to decline in November. The drop in price was very lethargic until mid-December, when a bombshell was launched by the sellers. The price dropped from 91.180 to 87.89 in a single day. A double bottom bullish reversal pattern was completely formed in January. The Moving Averages Convergence and Divergence (MACD) also indicated bullishness in January. Higher highs have formed since the formation of the double bottom.

 

The AUDJPY Market Forms a Bullish Market Structure

AUDJPY Short-term Trend: Bearish

A parallel channel is guiding the market upwards. The previous bearish channel has been broken. The market has retraced to test the previous resistance trendline for support. The market is expected to shoot to the next supply level at 95.140.

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