Market NewsTechnical Analysis

AUD/JPY: Bull Tears its Rope and Runs towards the Hill

  • AUD/JPY has been bullish on the H4 Chart.
  • The pair trades above the Simple Moving Average 30.
  • The H1 Chart looks very bullish.
  • 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 heading towards the North upon finding its support at 94.665. On its way, it made a significant bullish breakout at the simple moving average 30. As of writing, the pair trades above 96.060. If it makes a bullish breakout at the level and confirms the breakout, the buyers may push the price towards the North further. The price may find its next resistance around 97.550.

On the downside, the sellers may have to wait before making trading decisions based on the H4 chart. Unless, the price produces a strong bearish move or produces a bearish reversal pattern, the sellers may skip taking entries on the chart.

AUD/JPY H1 Chart
AUD/JPY H1 Chart

Price Action Analysis- H1 Chart

The chart shows that the price has been heading towards the upside in a hurry.  A bullish trend line has been working as a support. The price had several bounces at the trend line’s support. At the last bounce, it produces a bullish engulfing candle. It then headed towards the North up to 95.930 by producing consecutive bullish candles. It consolidated at 95.930 for a while before making its next bullish move. As of writing, the pair seems to be having consolidation again. A bullish reversal candle followed by a price breakout at 96.470 may attract more buyers to push the price towards the upside. The price may find its next resistance around 96.900.

Both charts look extremely bullish. Thus, buyers may keep their eyes on the pair to go long from the value areas.

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

Contact and follow Tareq on Twitter: @tareqfpn

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