Market Analysis – April 18
AUDJPY has witnessed a bullish Break of Structure on the 24-hour chart. After rising beyond the 87.890 level, the market experienced a retracement to the demand level of 87.890. The buying pressure at the support level has fostered a sudden rise in the price.
AUDJPY Key Levels
Demand Levels: 87.890, 85.920, 83.900
Supply Levels: 91.180, 95.140, 98.220
AUDJPY Long-term Trend: Bullish
The AUDJPY price had rested for a long in the overbought region during August and early September. Upon the Parabolic SAR (Stop and Reverse) signal with a point above the 98.220 supply level, the market crashed ferociously till a bearish breakout from a rising wedge was established.
The AUDJPY price took off without testing the demand level of 85.920. The Buyers had anticipated mitigation of the bullish order block to execute long orders. The likely missed opportunity for precision entry traders seems not to be returning as a bullish break of structure has successfully played out on the daily timeframe.
AUDJPY Short-term Trend: Bearish
On the 24-hour chart as well as the 4-hour chart, the Stochastic indicates an overbought market. A pullback is therefore anticipated at the test of the 91.180 resistance level.
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