Market NewsTechnical Analysis

AUD/JPY: Bear Moves around amid Bull’s Territory

  • AUD/JPY made a long bullish move on the H4 chart.
  • The pair is having consolidation with a stronger resistance.
  • The H1 chart looks choppy.
  • Intraday minor charts are yet to find a direction.
AUD/JPY H4 Chart
AUD/JPY H4 Chart

AUD/JPY- Technical Analysis-H4 Chart

The chart shows that upon finding its horizontal support, the pair made a long bullish move. On its way, it made a breakout at the simple moving average 30. As of writing, the pair trades well above the support of the SMA 30. The pair seems to be overbought on the H4 chart. Thus, it has been having consolidation. Consolidation resistance looks stronger. Thus, the pair may make a long bearish correction. The buyers may keep their eyes on the price action around 96.070 to go long in the pair. The level may play a significant role to determine its next direction.

On the other hand, if the price breaches consolidation’s resistance, the pair may head towards the North and find its resistance around 97.550.

AUD/JPY H1 Chart
AUD/JPY H1 Chart

Price Action Analysis- H1 Chart

The chart shows that the pair has been choppy around 96.560. The level has been working as a support where the price had multiple bounces. A bearish breakout at the support may attract the sellers to go short in the pair. The price may find its support around 96.000.

On the contrary, if the price finds its support again at the level and makes a bullish breakout at the higher high, the buyers may be interested again to go long in the pair. In that case, the pair will find its resistance around 97.300.

Considering both charts, it seems that the bear may make some move on both charts. However, it is the Bull’s territory. Thus, sellers may be a bit defensive with their risk-reward and trade management.

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

Contact and follow Tareq on Twitter: @tareqfpn

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