Market NewsTechnical Analysis

AUD/JPY: Bull Stays Well Ahead with Multiple Supports

  • AUD/JPY produced a bullish reversal candle at a flipped support.
  • The pair trades well above the SMA 30.
  • The H1 chart trades around the last swing high.
  • Intraday minor charts made a good bullish move in the Tokyo session.
AUD/JPY H4 chart
AUD/JPY H4 chart

AUD/JPY -Technical Analysis- H4 chart

The chart shows that the price upon finding its support around 95.800 made a strong bullish move. On its way, it made a breakout at the simple moving average 30. The chart then produced a bearish corrective candle and closed within a flipped horizontal support. The support level produced a bullish reversal candle as well followed by another one. The buyers may look to go long above 97.600.

On the contrary, the sellers may skip taking entries based on this chart. The pair is to produce either a strong bearish move or a bearish reversal pattern at the key resistance zone. As things stand, it may take time to happen.

AUD/JPY H1 chart
AUD/JPY H1 chart

Price Action Analysis- H1 Chart

The chart shows that the price has been heading towards the North by obeying a trend line. At the last bounce, it produced a bullish engulfing candle at a horizontal support and headed towards the upside in a hurry. The level of 97.200 came into play and made the price make a bearish correction. Upon finding its support at 96.850, the pair headed towards the last swing high again. As of writing, it trades around the level. Buyers may wait for the price to make a breach at the level to go long in the pair. It may find its resistance around 97.600.

Considering both charts, it seems that the bull is way ahead than the bear. Either the pair keeps moving towards the upside or it may get choppy.

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

Contact and follow Tareq on Twitter: @tareqfpn

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