Market NewsTechnical Analysis

AUD/JPY: Bear is Ahead, But Keep an Eye on the Price Action

  • AUD/JPY trades around the SMA 30’s resistance on the H4 chart.
  • The level of 96.800 has been working as a resistance.
  • The H1 chart has had its second rejection at the last swing high.
  • Intraday minor charts look bullish so far.
AUD/JPY H4 chart
AUD/JPY H4 chart

AUD/JPY -Technical Analysis- H4 chart

The chart shows that the price after being bearish and breaching the simple moving average 30’s support had a bounce at 96.050. The price had a bullish correction. As of writing, it is having consolidation around the SMA 30’s resistance. Notably, the level of 96.800 has been working as a horizontal resistance as well. Thus, the sellers may wait for the chart to produce a bearish reversal to go short in the pair. The price may find its next support around 95.450.

On the contrary, if the price breaches the horizontal level and produces a bullish reversal afterwards, the buyers may take over and push the price towards the North. The price may find its next resistance around 97.550.

AUD/JPY H1 chart
AUD/JPY H1 chart

Price Action Analysis- H1 Chart

The chart shows that the level of 96.800 has been a very significant level. The price reacted at this level several times. Recently, it had rejection twice at the level. At the second rejection, it produced a bearish engulfing candle. It may attract the sellers to go short and drive the price towards the South. The price may find its support around 96.000.

On the upside, if the price breaches the horizontal level and produces a bullish reversal pattern, the buyers may push the price towards the upside. In that case, it may find its resistance around 97.200.

Considering both charts, it seems that the bear has an upper hand since significant resistances are still working for the bear. However, a bullish breakout may change the entire scenario.

Written by: Md Tareq Sikder, Senior Analyst Forex Prop News

Contact and follow Tareq on Twitter: @tareqfpn

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