The AUDJPY market is positive and will most likely continue in the same trend.
The bulls remain dominant in the market.
AUDJPY Weekly Price Analysis – October 8
At the moment the AUDJPY market is trading in an uptrend and also soaring past the crucial level. Should the bulls prove stronger and the Yen price sustain above the $97.57 high level, the potential rally could surge higher to hit the $98.00 upper resistance level and beyond.
AUDJPY Market
Key Levels:
Resistance levels: $93.00, $94.00, $95.00
Support levels: $91.00, $90.00, $89.00
AUDJPY Long-term Trend: Bullish (Daily chart)
The AUDJPY pair showed a bullish momentum as it soared past the $94.69 crucial level in its long-term outlook.
The bulls’ sustained pressure at the $94.58 high value during yesterday’s session has made it possible for the Yen to stay up at its recent high.
The coin trading above the moving average at the $95.02 resistance level is an indication of a more bullish impact in the market. AUDJPY market is trading in a “Rising Channel”, making higher highs and higher lows, past the crucial level. This will actually enable buyers to influence the price tendency.
Therefore should the buy traders increase their swagger in the market, the price is poised to soar past the crucial level of $97.57 resistance.
Notably, the price of AUDJPY might continue its upward move as shown by the price indicator which is in an upward direction. If this is achieved, the Yen price could soar higher to hit the $98.00 upper resistance level soon in its long-term outlook.
AUDJPY Medium-term Trend: Bullish (4H chart)
The AUDJPY price is in an upward move and positive in its medium-term time frame. The price having soared past the crucial level, suggests that bulls have the market price at their disposal.
The price action at the $94.98 supply level above the moving average shortly after the opening of the 4-hourly chart indicates a high buying level from the bulls. Thus, staying above the moving average will make it possible for the Yen to rise further.
Additionally, the price of AUDJPY indicates an uptrend while pointing upward on the stochastic oscillator, this suggests that the bullish pattern may continue and it might soar high to reach the crucial level at 98.00 upper resistance mark in the days ahead in its medium-term outlook.
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