The AUDJPY price bars are above the moving averages which makes it capable of rising further to the upper resistance.
The pair suggests a good buy; hence buy traders may take their position as desired.
AUDJPY Weekly Price Analysis – November 5
AUDJPY pair is currently trading in a strong bullish market which suggests a good buy signal. The Yen might likely increase further, if the bulls could add more strength to their potential buying and the market price sustains above the $97.57 high mark, the Yen price may trigger up to the overhead resistance mark at the $98.00 level, thus a clear buy signal.
Resistance levels: $93.000, $94.000 $95.000
Support levels: $86.000, $85.000, $84.000
AUDJPY Long-term Trend: Bullish
AUDJPY pair is in a positive movement today on the higher time frame. The price is strongly trading close to the upper resistance area which suggests a good buy signal for the long traders.
In the previous actions, the Yen has been having high interference from buyers which really made it easier for the pair to maintain stable upside moves in its recent time.
Today’s daily bullish candle at the $96.78 value which further rises to a $97.16 supply mark above the moving averages confirms the bulls’ dominance in the market.
However, there are bullish signals above the level of $97.10 which indicates a possible further increase in the market value.
Thus, if the trend continues, we might see the AUDJPY price retesting the $97.57 previous supply trend line soon presenting a good buy signal for the potential buyers.
Notably, AUDJPY price indicates an upward momentum on the daily signal, this indicates that the pair will continue to increase to the upsides and this may get to the $98.00 upper resistance trend mark soon which suggests a good buy signal in its long-term outlook.
AUDJPY Medium-term Trend: Bullish
AUDJPY is at the moment trading in the bullish trend market in the short-term outlook. The price currently trades above the EMA-50 which suggests a good buy signal. This breakout triggers a smooth bull cycle pattern, which in theory, should lead the prices to an overhead trend line.
The Yen has been having a series of higher highs and higher lows which has made it possible for the price to remain stronger in an upward trend in its recent high.
Earlier today, the bull run caused a rise in the price of AUDJPY to a high at the $97.14 level above the moving averages. This current trend will enable the price to remain on the upside and rise or break out to the upside. This however creates a strong area of interest for buyers.
Similarly, with the price pointing upwards on the daily stochastic means that further upside is certain. It is therefore expected that the buy investors will move the price action up and may likely hit the $98.00 upper resistance level which suggests a good buy signal in its medium-term time frame.
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