AUDJPY Price Consolidating at $75 Level, Bullish Breakout Envisaged

AUDJPY Price Consolidating at $75 Level, Bullish Breakout Envisaged
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AUDJPY Price Analysis – July 05

The breakdown of the $75 price level will return the price to the previous low of $73. In case the Bulls were able to push up the price above 50 periods EMA, $77 price level may be AUDJPY price target.

 

AUD/JPY Market

Key levels:

Supply levels: $75, $77, $79
Demand levels: $73, $70. $$66

 

AUDJPY Long-term trend: Ranging

On the long-term outlook, AUDJPY is ranging. On June 20, AUDJPY bottomed at $73 price level. A bullish engulfing candle emerged which is a bullish reversal candle. The price then increased towards the supply level of $75, the bullish momentum broke up the level and increased towards the $77 supply level. The increase in price was resisted by the dynamic resistance level (50 periods EMA). After the interruption of the price increase, the pair started consolidating at $75.

AUDJPY Daily chart, July 05

The price is found trading in between the 21 periods EMA and 50 periods EMA at $75 level. The bearish and the bullish pressure are weak and the AUDJPY market is experiencing low momentum and volatility. The stochastic Oscillator period 14 is at 75 levels with the signal lines showing no specific direction indicates that consolidation is ongoing in the AUDJPY market. The breakdown of the $75 price level will return the price to the previous low of $73. In case the Bulls were able to push up the price above 50 periods EMA, $77 price level may be AUDJPY price target.

AUDJPY medium-term Trend: Bullish

AUDJPY is bullish on the medium-term outlook. The Bulls are in control of the AUDJPY market. The Bulls successfully broke up the supply level of $75, moving towards the $79 price level before it was interrupted by the Bears.

AUDJPY 4-hour chart, July 05

Price retest was carried out after which momentum was losing by the Bulls and the Bears which resulted in consolidation at $75 price level.

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About AzeezMustaph

> 190 Articles
Azeez Mustapha is a technical analyst, has many years of trading experience in the stock exchange and the crypto markets. He has broad experience in Forex trading, coaching, and funds management

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