Market Overview
At the start of the week, AUDJPY opened at 101.30 but experienced a significant decline, currently trading around 100.11.
Technical Analysis
On the 4-hour timeframe, we can see a short-term uptrend, with the price testing the upper boundary of the trendline.
- Resistance Levels:
- Immediate resistance is at 101.35.
- Stronger resistance is seen around 101.40.
- Support Levels:
- Initial support is around 99.56, which coincides with the 50 EMA.
- A more significant support level is at 98.50, near the 200 EMA.
AUDJPY Forecast
We anticipate that AUDJPY will likely resume its uptrend. If bullish momentum continues, we could see the price break through 101.40 and reach as high as 101.70 or beyond.
Conversely, if the price falls below 99.56 and remains there, the next bearish target could be the 98.50 support level.
Outlook: Bullish
Overall, our outlook for AUDJPY remains bullish, with the potential for upward movement if key resistance levels are breached.
Check Out Our Previous Posts!
Please take a moment to read our past posts on AUDJPY’s technical analysis and outlook. You’ll find valuable insights and updates that can enhance your understanding of the market! CLICK HERE
