The AUDJPY pair is in a bullish scenario.
The pair sends a clear bullish signal that the bulls are still strong.
AUDJPY Weekly Price Analysis – July 23
AUDJPY: buyers in control, buy trade setup! At the moment the AUDJPY market is trading in an uptrend. If the forces from the buy investors in the market should increase and the Yen prices are sustained above the $97.570 resistance level, the ongoing bullish correction may likely extend and plunge prices to the $100.000 upper resistance trend levels and beyond.
Resistance levels: $95.500, $95.600, $95.700
Support levels: $87.000, $86.000, $85.000
AUDJPY Long-term Trend: Bullish
At the time of writing, AUDJPY is trading in an uptrend in its long-term perspective. The price bar can be seen above the two EMAs and has confirmed a bullish momentum breaking the previous high at $94.931 value.
The bulls’ jump to the $94.931 high level, during yesterday’s session has made the currency pair remain in an uptrend zone in its recent high.
The bulls caused a rise to a $95.784 supply level above the supply lines as the daily chart opens today. This affirms the high impact of the buy investors in the market.
Should buyers continue to hold this momentum, the price may break up the previous swing high at the $97.570 resistance value resulting in an intraday gain for the coin buyers.
In addition to that, the momentum indicator which is pointing up indicates that the price of AUDJPY is in an uptrend and may possibly remain in that direction to hit the $100.000 supply level and beyond soon in the higher time frame.
AUDJPY Medium-term Trend: Bullish
On the medium-term outlook, the AUDJPY pair is in a resistance zone. The Yen price has broken above the two moving averages which indicates a possible rise of the pair.
The bulls’ increase to the $95.424 supply value during the previous action has sustained the Yen price above the supply levels in recent times.
Today, the bulls made an upward move to the $95.775 high value above the supply levels approaching the overhead resistance as the 4-hourly chart opens. The pair looks promising as the bulls remain dominant in the market at the moment.
If the bulls should increase their price action, and bullish momentum is sustained far above the $97.570 resistance trend lines, further bearish sentiment will be hibernated.
Adding to this, there is a tendency for the Yen to rise further, if the support level holds, this will enable buyers to take the price of AUDJPY up to a high of $100.000 level soon in its medium-term perspective.
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