AUDJPY is going in favor of the bulls now; prices are trading above the EMAs.
Overall market sentiment regarding the pair remains bullish.
AUDJPY Weekly Price Analysis – October 10
If the buying pressure increases the price may likely reach $84.321 in the upper resistance area.
Resistance levels: $83.000, $84.000, $85.000
Support levels: $77.000, $76.000, $75.000
AUDJPY Long-term Trend: BullishAUDJPY moves in an upward momentum in the long-term outlook. The momentum as seen from the daily chart is starting to turn undeniably bullish.
The bulls’ pressure on the currency pair at $80.988 at the resistance area further led to an increase in the price of the Yen during yesterday’s session.
The buyers make a progressive movement to the north at $81.547 in the resistance area as the daily chart opens today.
The price of AUDJPY is initially up now at $82.074 above the two EMAs in the resistance area, suggests an upward momentum in the price of AUDJPY, a confirmation of bullish movement.
The stochastic oscillator signal pointing up at around level 91% in the overbought region suggests that buyers may continue to dictate the conditions of the market in the future in the long-term perspective.
Hence, buyers may put in their aggressive orders at key areas.
AUDJPY Medium-term Trend: BullishOn the 4-hourly chart, the AUDJPY price remains in a bullish trend zone as the buyers are seen moving the market higher.
The currency pair is in an ascending channel, with a bearish candle at $81.783 in the support area opens the 4-hourly session today.
Bulls return gradually and move the price of AUDJPY up to $81.845 in the resistance area.
Impulse move by the buyers’ further increase the price of the Yen to $82.006 in the resistance area, after which the bears overtake with a bearish doji candle at $81.898 in the support area an indication of a trend reversal.
Price is above the two EMAs, this suggests that the momentum in the price of AUDJPY is in an uptrend.
The signal from the stochastic oscillator pointing up at around level 93% in the overbought area is an indication that momentum in the price of the Yen is in an uptrend in the medium-term.
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