The currency pair is going in favor of the bulls now.
The bears may have temporal control.
AUDJPY Weekly Price Analysis – December 11
At the moment the AUDJPY pair now faces the positive side as the bulls aim to drag the market price to the overhead resistance level. AUDJPY: A nice opportunity for a long. Should the buy traders accelerate their buying actions, the Yen may possibly break up the $98.388 supply mark which may likely extend to the $100.000 high value.
Resistance levels: $95.000, $96.000 $97.000
Support levels: $91.000, $90.000, $89.000
AUDJPY Long-term Trend: Bullish
From the chart above, we can see that the AUDJPY market is in a bullish trend in its long-term outlook. Activities from buyers increased the trend of the currency pair up to the $92.130 high level during yesterday’s session and sustained it. This has enabled the pair to remain in a positive trend.
The journey up north continues at the $92.798 supply value above the resistance trend lines as the daily chart opens today.
The impulse move by the buy investors further moves the price of AUDJPY up to a $92.897 high level which is above the two moving averages, an indication that the momentum is in an uptrend in the context of the strength of the market. This also means that the buy traders are currently investing in the Yen at the moment.
The momentum indicator shows that the currency pair is in an uptrend; as a result, the price distribution might likely reach the $10.000 supply mark in the days ahead in its long-term perspective.
AUDJPY Medium-term Trend: BullishThe momentum on the medium-term time frame is also distinctly bullish. It seems the bulls are taking over and pushing us higher. The price bars can be seen above the supply trend lines.
After completing the downward movement, the bulls caused an increase to the $92.896 supply value above the two EMAs shortly after the 4-hourly session begins today. The bears returns briefly and drove the price down to the $92.798 support level above the moving average lines. This implies an uptrend, also that the buy traders are still dominant in the market.
With the Price trading above the two EMAs suggests the momentum in the price of the currency pair is in an uptrend.
The stochastic oscillator signal pointing up at around level 89% in the overbought region suggests an upward momentum in the price of AUDJPY. Likewise, the two EMAs sloping upward is an indication of an uptrend. This may likely extend the price of AUDJPY up to a $100.000 high level in the days ahead in its medium-term outlook.
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