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AUDJPY Price May Break Up $75 and Targets $77 Level

AUDJPY Price Analysis – June 28

In case the Bulls were able to penetrate the $75 level with the formation of a bullish candle and the candle close above the level, then, AUDJPY price may reach the high of $77. Should the $75 level holds, the price will decrease to the previous low of $73 level.

 

AUD/JPY Market

Key levels:

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

 

AUDJPY Long-term trend: Bearish

AUDJPY is bearish on the long-term outlook. The bearish condition continues as long as the price remains under the 50 periods EMA. The currency pair bottomed at $73 demand level on June 20. Bears lose their momentum and the AUDJPY price reverse with the formation of more bullish candles that pushed up the price towards $75 supply level
The AUDJPY price has broken up the 21 periods EMA and trying to penetrate 50 periods EMA in case the $75 level does not hold.

AUDJPY Daily chart, June 28

The bearish pressure is weak and the Bulls are gaining more pressure to break up the $75 price level. The stochastic Oscillator period 14 is above 50 levels and the signal lines pointing upside to indicate a buy signal. In case the Bulls were able to penetrate the $75 level with the formation of a bullish candle and the candle closes above the level, then, AUDJPY price may reach the high of $77. Should the $75 level holds, the price will decrease to the previous low of $73 level.

 

AUDJPY medium-term Trend: Bullish

AUDJPY is bullish on the medium-term outlook. On the 4-hour chart, the Bulls have taken over the market. The dynamic support and resistance have been broken up and the price has moved up to touch the $75 price level where the price is currently consolidating.

AUDJPY 4-hour charts, June 28

The price is trading above the 21 periods EMA and 50 periods EMAs which indicates buy signal.

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      Azeez Mustapha is a technical analyst with many years trading experience in the stock exchange and crypto markets. He has broad experience in forex trading, coaching, and funds management.