The currency pair remains in an upside move.
The bulls are still dominating the market at the moment.
AUDJPY Weekly Price Analysis – August 13
The AUDJPY price will accelerate more as the Yen is facing an increase in buying pressure. Having finished the downward correction, the currency pair might likely continue its upside move if the current support at $93.033 value holds, and the long-term chart closes above a $95.856 high level, then there is a high probability of the price going up to its recent swing high, which is $97.570 resistance trend line.
AUDJPY Market
Key Levels:
Resistance levels: $93.000, $94.000, $95.000
Support levels: $87.000, $86.000, $85.000
AUDJPY Long-term Trend: Bullish (Daily Chart)
AUDJPY remains in a bullish trend in its long-term outlook. Buyers are really trying not to fall this time around. Further, the coin prices are traded above the two EMAs, this confirms a bullish trend.
The Yen has been making higher highs and higher lows in the previous actions at the $94.304 supply value; this has made it possible for the price to maintain an uptrend in its recent high.
As a result of high bullish pressure, buyers have been able to push the price of AUDJPY higher to a $94.359 high level above the supply trend levels as the daily session opens today.
Actions from buyers have also increased the pair further up to the $94.589 resistance value as it journeys up north. More gains are possible if the bulls can put extra effort into the price action.
Hence, if the buying team could increase their actions, the Yen price might jump up to retest the previous high of $97.570 value to invalidate any further bearish thesis.
Notably, the momentum indicator pointing upwards suggests the continuation of the bullish trend. In light of this, the AUDJPY price may accelerate more to hit the $100.000 upper resistance value soon in its long-term outlook.
AUDJPY Medium-term Trend: Bullish (4H Chart)
The currency pair is also displaying a bullish posture in its medium-term outlook. This is due to the high inflow from the long traders. 
The increase in the momentum by buyers to a $94.218 high value during the past session has enabled the AUDJPY price to stay strong above the resistance lines in its recent high.
The market price of AUDJPY has just broken up the two EMAs at the $94.399 supply level as the 4-hourly chart opens today. This will give the Yen a high tendency to rise further. Thus, a break above $96.618 previous high value will put the currency pair more on the buying side.
Additionally, the daily stochastic signals an uptrend, if the buying team could push harder and sustain the price of AUDJPY above the $96.618 previous high, the resulting rally may surpass the $98.000 level and hit the $100.000 psychological level at the upside in the days ahead in its medium-term perspective.
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.
Leave a Reply