Market NewsTechnical Analysis

AUD/JPY: Bull Dominates in the H4 Chart

  • AUD/JPY has been bullish on the H4 chart.
  • The SMA 30 has been working as a support producing a morning star.
  • The H1 chart has been choppy trading around yesterday’s high.
  • Intraday minor charts are yet to find their direction.
AUD/JPY H4 chart
AUD/JPY H4 chart

AUD/JPY -Technical Analysis- H4 chart

The chart shows that the price produced a morning star at the simple moving average 30’s support. Since then, it has been heading towards the North with good pace. The price has been having consolidation at the moment. If it breaches consolidation’s resistance, it may head towards the North and find its next resistance around 97.700.

On the downside, it does not look good for the sellers. They must wait for the chart to produce a bearish reversal pattern followed by a bearish breakout at the SMA 30’s support to find short opportunities.

AUD/JPY H1 chart
AUD/JPY H1 chart

Price Action Analysis- H1 Chart

The chart shows that the pair has produced a flag pattern. As of writing, it trades around the resistance of the flag. The buyers may be keen to get a bullish breakout at the resistance to go long upon having breakout confirmation followed by a bullish signal. The price may find its resistance around 97.300.

On the downside, if the chart produces a bearish reversal signal, then it may head towards the flag’s support. Since the support is an upward line, so the sellers may not find it that lucrative. However, a bearish breakout at the flag’s support may drive the price towards the South further and offer some entries with lucrative risk-reward.

The H1 chart is yet to find its direction. However, the H4 chart looks very bullish. Thus, the pair may continue its bullish move and head towards the last swing high on the H4 chart.

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

Contact and follow Tareq on Twitter: @tareqfpn

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