AUDJPY Price Is Preparing for a New Bullish Pattern

AUDJPY is preparing for a new bearish pattern.
The currency pair may increase above the $109.15 peak level.

AUDJPY Weekly Price Analysis – November 24

AUDJPY price is preparing for a new bullish pattern after updating the bullish momentum. It is about time for the Yen to resume a bullish pattern. If the bulls could put more aggression on the buying momentum, the Yen price may increase further to hit the $109.15 previous supply level and surge to hit the $110.00 upper resistance level, resulting in a good entry point for the buy traders.

AUDJPY Market
Key Levels:
Resistance levels: $100.00, $101.00 $102.00
Support levels: $89.00, $88.00, $87.00

AUDJPY Long-term Trend: Bullish (Daily Chart)

Despite the bears’ interference, the AUDJPY pair remains bullish. The pair is preparing for a new bearish pattern in its long-term outlook as it remains above the supply levels, indicating an uptrend in the context of the strength of the market.

The bullish pressure at the $101.15 high mark in the past few days has sustained Yens’ bullish momentum in its recent high. Nevertheless, it seems the bulls will take over the price of AUDJPY soon and commence the new bullish phase as the selling pressure will soon be exhausted.

As the daily chart begins today, bearish actions sent the AUDJPY price lower to a $100.03 support level above the EMA-50, suggesting an uptrend.

Thus, if buyers eventually wrestle trend control from sellers and rebound from $100.03 support, a positive breakout above the current support is needed to confirm the new bullish pattern.

However, the market price of AUDJPY now points down on the daily stochastic, indicating that the selling momentum will end soon as the bulls prepare for a new bullish pattern and this may surge above the $109.15 level and increase further to reach the $110.00 upper resistance level in its long-term outlook.

AUDJPY Medium-term Trend: Bearish (4H Chart)

On the medium-term outlook, the AUDJPY pair is preparing for a new bullish pattern following the completion of the bearish momentum. The price is trending below the supply levels, indicating a bearish trend.

The sustained bearish pressure at a $100.56 support value in the last action has made the Yen price trade below the supply trend levels in its recent high.

Exhaustion sets in as buyers return briefly to commence the new bullish pattern to a $100.44 supply level below the moving average as the 4-hourly chart opens today, indicating that buyers are returning gradually into the market to stage a play.

Thus, if the bulls could push harder, the price of AUDJPY may surge to retest the $102.36 high value, providing buyers with a good entry point.

Additionally, the Yen price pointing up on the daily stochastic indicates that further selling pressure is not likely as the new bullish pattern has just started. As a result, the price of AUDJPY might increase further to the $110.00 upper resistance value in the coming days in its medium-term outlook.

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