Market NewsTechnical Analysis

AUD/JPY: Bull scratches on its Ground to Make a Move

  • The pair trades around a bullish trend line’s support
  • Simple Moving Average 30 holds the price as a support
  • The H1 chart trades around a horizontal support
  • Intraday price action has been bearish
AUD/JPY H4 Chart
AUD/JPY H4 Chart

AUD/JPY- Technical Anlaysis-H4 Chart

The chart shows that the price has been bullish by obeying a trend line. It had several bounces at the trend line’s support. As of writing, the pair trades around right on the trend line. A bullish reversal candle may attract the buyers to go long in the pair and push the price towards the North. The price may find its next resistance around 95.600. Simple Moving Average 30 has been working as a support as well. Combination of both may create good bullish momentum on the next move.

On the downside, if the price makes a bearish breakout at the trend line, the sellers may wait for the price to confirm the breakout followed by a bearish reversal pattern at the breakout level to go short on the pair. In case of a bearish breakout, the price may find its next support around 93.250.

AUD/JPY H1 Chart
AUD/JPY H1 Chart

Price Action Analysis-H1 Chart

The chart shows that the price had a bounce around 94.070 earlier. As of writing, the pair trades around right at that level as well. If the level produces a bullish reversal candle, buyers may look to go long in the pair and push the rice towards the North. A bearish trend line has been working as a resistance. Thus, buyers may consider taking a partial profit around the trend line’s resistance. A breakout above the trend line may bring more liquidity and push the price towards the upside with good momentum.

On the downside, a bearish breakout at the horizontal support may attract the sellers to look for short opportunities.

Considering the H4 chart, it looks good for the bull. The H1 chart favors the bull as well. As long as those supports hold the price, the pair may end up having a bullish day today.

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

Contact and follow Tareq on Twitter: @tareqfpn

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