Forex Trading: AUDJPY Price May Reach $82 Level

Forex Trading: AUDJPY Price May Reach $82 Level
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AUDJPY Price May Reach $1.3472 Level

 

AUDJPY Price Analysis – April 18

AUDJPY is currently consolidating at $79 level. Increase in the Bulls’ momentum will increase the AUDJPY price to $82. Rising channel pattern formation confirmed on the 4-hour chart.

 

AUD/JPY Market

Key levels:

Supply levels: $82, $83, $85
Demand levels: $79, $77, $75

 

AUDJPY Long-term trend: Ranging

AUDJPY is on the sideways movement on the long-term outlook. AUDJPY has been range-bound within $79 level and $77 levels for many weeks. The Bears has not got enough pressure to push down the AUDJPY price neither the Bulls have the momentum to break out of the range. On April 12, a bullish Japanese candle emerged and broke up the demand level of $79, currently; AUDJPY is consolidating at $79 level.

AUDJPY daily chart, April 19

AUDJPY has crossed over the 21 periods EMA and 50 periods EMA and it is currently trading above the two EMAs; this indicates that the Bulls’ momentum is gradually increasing in the AUDJPY market. However, the Stochastic Oscillator period 14 is above 80 levels (overbought) and the signal lines bending down to indicate sell signal and it could be a price retracement. Increase in the Bulls’ momentum will increase the AUDJPY price to $82.

AUDJPY medium-term Trend: Bullish

AUDJPY is bullish on the medium-term outlook. The Bears bottomed the currency pair at the demand level of $77 on March 24. The bullish engulfing candle formed at the level signifies the Bulls’ arrival. The Bullish momentum increased and the AUDJPY price increased making higher highs towards $79 level; this has resulted in the formation of rising channel pattern. The just mentioned level was broken up and the price is placed above $79. The pullback was carried out.

AUDJPY 4-hour chart, April 19

The Stochastic Oscillator period 14 is below 20 levels (oversold level) which indicate that the Bulls will soon take over the market. There is a possibility for the AUDJPY price to reach$82 levels.

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About AzeezMustaph

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