The currency pair is in a bullish scenario.
The bulls will go higher; buyers can put in their aggressive orders.
AUDJPY Weekly Price Analysis – October 23
At the moment the AUDJPY market remains in an uptrend. Thus, the price could go higher if the buyers could add more tension and break up the $98.388 supply mark, the next bull target might be a $98.853 upper high value.
Resistance levels: $95.500, $95.600, $95.700
Support levels: $91.500, $91.400, $91.300
AUDJPY Long-term Trend: BullishOn the long-term outlook, the AUDJPY market still trades in a bullish trend. The sustained bullish pressure at the $95.153 level during yesterday’s session actually made it capable for the buy investors to retain the strength.
Today, despite the inflow by the sellers the price of AUDJPY remains in an uptrend at the $94.184 support value which is above the two EMAs. A possible breakout from the mentioned support level will provide a higher float for buyers and prolong the forthcoming recovery.
Therefore if the bulls should add extra efforts to their market activities, a change in trend will be achieved and this could lead the Yen price to a high at $98.583 upper resistance value in the coming days in its higher time frame.
AUDJPY Medium-term Trend: BullishThe price is in a bullish move in its medium time frame. The buy traders are now involved in the price action.
The price of AUDJPY rises significantly to the $94.385 resistance level above the two EMAs as the 4-hourly chart opens today. This implies that the price of the
AUDJPY is in upward momentum and in control of the buyers at the moment.
In addition, the daily stochastic which is pointing up at around level 42% approaching the overbought region also indicates that the Yen is in an uptrend and may likely remain or continue in the same direction, and in this case, the bullish trend may likely hit the $98.583 supply mark in the nearby days in its medium-term outlook.
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