Market NewsTechnical Analysis

AUD/JPY: Perfect Track for the Bull

  • AUD/JPY has been heading towards the North with a steady pace.
  • The SMA 30 has been working as a support on the H4 chart.
  • The H1 chart trades within an equidistant channel.
  • 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 with a consistent pace. The simple moving average 30 has been working as a support. The price had several bounces at the SMA 30’s support. At the last bounce, it has produced a double bottom. Since then, it has continued its move towards the North. As of writing, the chart produced another bullish engulfing candle at a horizontal support. It indicates that the buyers may push the price towards the North and the price may end up making another high here.

On the contrary, the sellers may not take any selling decision based on this chart. A double top followed by a price breach at the SMA 30’s support may change the scenario. As things stand, it may take time to happen. Meanwhile, the buyers may take their chances and push it towards where it has been heading for a while.

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 an equidistant channel. Multiple bounces and rejections suggest that the channel has been playing a pivotal role to determine traders’ trading decision based on this chart. As of writing, the price has been heading towards the North again upon having a bounce at the channel’s support.

The upper band of the channel offers enough space for the price to continue its move. Thus, the buyers may add their positions and push it towards the North further.

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

Contact and follow Tareq on Twitter: @tareqfpn

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