AUDJPY Analysis – May 31
AUDJPY bulls are regrouping below the 91.120 order block for a potential rally. The price has been beaten down below this level of strength. This leaves the price hanging above 87.430. Nevertheless, the market remains bullish in its approach. It is now regrouping to regain that position of power above the 91.120 order block. This will set the currency pair back on its path of an uptrend.
AUDJPY Key Levels
Resistance Levels: 91.120, 92.930, 95.620
Support Levels: 87.430, 89.020, 90.480
AUDJPY Long Term Trend: Bullish
Over a month ago, the bulls enjoyed a market upsurge that lifted the market from long-term consolidation. The price rose with consecutive bullish candles on the daily timeframe to climb above the 91.120 order block. The price took a retest of the level before rising higher. However, the currency pair was eventually curtailed at 95.620. This was the beginning of the market’s downfall.
The price first plummeted back to the 91.120 order block. An attempt at a quick response from the bulls was also shut down again, and this time the price was blown below the order block. This formulated the price into a downtrend. However, after dropping below the heat point, the bulls are regrouping to counterattack the market. The price will have to break above the falling channel and the 91.120 key level.
AUDJPY Short Term Trend: Bullish
On the 4-hour chart, the market has taken the first step by breaking out of the descending channel. The price is now back negotiating the 91.120 resistance level. The RSI (Relative Strength Index) indicator is rising after largely fluctuating around the middle line. The price has also traded to the upside of the MA period 20 (Moving Average). AUDJPY is expected to leverage their strength to push towards 92.930 or drop lower to 87.430.
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