The currency pair remains in a bullish market zone.
Buyers still dominating the market slightly.
AUDJPY Weekly Price Analysis – November 27
At the moment the AUDJPY faces the positive side as the bulls aim to drag the market price further up. AUDJPY price is trending upwards and this may continue. Should the buy traders increase their momentum, the bullish rally could retest the $98.388 previous high which may extend the Yen price to the $100.000 upper resistance level.
Resistance levels: $95.700, $95.800, $95.900
Support levels: $92.500, $92.600, $92.500
AUDJPY Long-term Trend: Bullish
Despite the interference of sellers in the price flow, the daily chart market shows a bullish race. The sustained bearish pressure pushed the currency pair down to the $93.118 support level during yesterday’s session and sustained it.
The bears lost momentum, as the daily chart opens today with the formation of a bullish pin bar candle at the $93.764 resistance value as buyers continue to dictate the market at the moment.
Increase momentum by the bulls moves the market price of the Yen further up to the $93.910 support mark as it journey up north.
The market value of AUDJPY is initially up at the $94.057 high level above the EMA-9, an indication of an upward trend in the context of the strength of the market.
Further, the momentum indicator shows that the price signal is also moving upward, so, we expect the bulls to continue with the bullish trend and the price distribution may likely hit the $100.000 upper high mark in the days ahead in its long-term perspective.
AUDJPY Medium-term Trend: Bullish
On the 4-hourly chart, the pair is in an upward move. The price movement of AUDJPY is currently seen to be in the bull’s direction in the medium-term outlook.
The sustained bearish pressure moved the pair down to the $93.410 support level during yesterday’s session after which buyers inroad briefly and moved the price up to the $93.615 resistance level and sustained it.
The price action rises significantly to the $93.832 resistance value above the moving average lines as the 4-hourly chart opens today.
Buyers’ activities further increase the market price of AUDJPY up to the $93.911 supply mark as the bulls aim to continue with the trend.
Hence, the daily stochastic which is pointing up at around level 74% approaching the overbought region also indicates that the price of AUDJPY is in an uptrend and may likely remain or continue in the same direction in the nearby days in its medium-term outlook.
Therefore, buyers may take their position as desired.
Note: Forexschoolonline.com is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results.