Market NewsTechnical Analysis

AUD/JPY: Confluence Level is in Play

  • AUD/JPY trades around a very significant level.
  • The SMA 30 has been working as a support along with a horizontal line.
  • The H1 chart looks choppy looking to find its direction.
AUD/JPY H4 chart
AUD/JPY H4 chart

AUD/JPY -Technical Analysis- H4 chart

The chart shows that the price is having consolidation around the level of 96.150. The price reacted at this level several times. Moreover, the simple moving average 30 has been holding the price for a while. Thus, the buyers may keep their eyes on the price action to go long upon having bullish reversal signal. The price may end up making a new higher high and find its next resistance around 98.450.

On the downside, if the price breaches the horizontal level, the level may work as a confluence resistance. The sellers may go short upon having breakout confirmation followed by a bearish reversal pattern. The price may find its next support around 94.700.

AUD/JPY H1 chart
AUD/JPY H1 chart

Price Action Analysis- H1 Chart

The chart shows that the price gets caught within a horizontal channel from 96.350-96.730. Traders are to wait for the price to make a breakout either at the support or at the resistance to find its next direction. A bullish breakout may push the price towards the level of 97.350.

On the contrary, if the price breaches the support, the sellers may drive the price towards the South. The price may find its next support around 95.450.

Considering both charts, it seems that it is pair that traders are going to keep eyes at. It could go either way. Thus, today’s price action would be a thing to watch both for buyers and sellers.

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

Contact and follow Tareq on Twitter: @tareqfpn

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