Market NewsTechnical Analysis

AUD/JPY: Bull Heads towards the North

  • AUD/JPY has been bullish on the H4 chart having support from the SMA 30.
  • The pair produced a corrective candle after making a breakout at the swing high.
  • The H1 chart looks bullish trading over yesterday’s high.
  • Intraday minor charts have been bullish.
AUD/JPY H4 chart
AUD/JPY H4 chart

AUD/JPY -Technical Analysis- H4 chart

The chart shows that the price has been bullish. It has produced a double bottom with bullish divergence at the simple moving average 30. It is a strong indication that the buyers may be interested to look for long opportunities in the pair. As of writing, the current candle has been bullish. If it ends up being a bullish candle, the price may continue its move towards the upside. It may find its next resistance around 98.400.

The sellers, on the other hand, may have to wait for a strong bearish move or a bearish reversal pattern at the value areas followed by a breach at the SMA 30. As things stand with the pair, it seems that it may take time. Thus, the sellers are to be patient here.

AUD/JPY H1 Chart
AUD/JPY H1 Chart

Price Action Analysis- H1 Chart

The chart shows that the price has been up trending by obeying a trend line. It has had multiple bounces and made moves towards the North. As of writing, the pair trades above the last swing high. This is significant, which may generate more bullish momentum and push the price towards the upside further. The price may find its next resistance around 98.170.

Same goes with the sellers on this chart as well like the H4 chart. They must wait. In this case, they have to wait for the price to make a bearish breakout at the trend line. Unless, it would be a tough call for them to find out short entries with good risk-reward.

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

Contact and follow Tareq on Twitter: @tareqfpn

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