Market NewsTechnical Analysis

AUD/JPY: Bull Controls the Pair; The Domination May Continue

  • AUD/JPY seems to have found a strong horizontal support.
  • The pair has been bullish trading above the simple moving average 30.
  • The H1 chart looks bullish in the Tokyo session.
  • Intraday price action on minor charts has been bullish too.
AUD/JPY H4 Chart
AUD/JPY H4 Chart

AUD/JPY-Technical Analysis-H4 Chart

The chart shows that the price has been moving towards the North by having a bounce at 94.330. The price reacted at the level several times. Thus, the buyers must have kept their eyes on the pair what price action did here. It produced a bullish inside bar followed by a bullish engulfing candle. Then, the price moved towards the North with a good pace. As of writing, the pair trades above the SMA 30. Thus, the buyers will be keen to go long in the pair and push the price towards the upside further. The price may find its resistance around 95.770.

AUD/JPY H1 Chart
AUD/JPY H1 Chart

Price Action Analysis- H1 Chart

The chart shows that the price consolidated at 94.330 for a while and made a bullish move. The price made some bearish corrections. As of writing, the pair is having consolidation again. A bullish breakout at today’s higher high may push the price towards the North. The price may find its resistance around 95.770.

A bullish breakout above 95.770 may generate more bullish momentum and take the price at 96.350. Notably, 95.770 is a resistance level on the H4 chart as well. Thus, the price may take a long pause here.

Both charts look good for the buyers. Thus, we may see some good moves coming around in the pair. As things stand with the pair, the pair may remain bullish for some days.

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

Contact and follow Tareq on Twitter: @tareqfpn

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