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- AUD/JPY Price Analysis: Bulls eye a continuation into 85 the figure
AUD/JPY Price Analysis: Bulls eye a continuation into 85 the figure
- AUD/JPY daily chart's upside bias is towards 85 the figure.
- There is a trapped scenario but bulls remain resiliant.
AUD/JPY has proven to be highly resistant to the risk-off tones coming from the Ukraine crisis noise. Downside plays have been, while at times strong, short-lived. The commodity currency is collecting a bid as commodity prices are expected to benefit. Meanwhile, there are prospects of a breakout of daily support and resistance and the following is a hypothetical price trajectory for AUD/JPY across the time frames.
AUD/JPY daily chart
As illustrated, the price is trapped below the counter-trendline and has so far failed to break out of a sideways channel.
However, price tends to move back to where there is an imbalance and should the bulls remain committed, a break of current resistance will open prospects of a run towards 85 the figure to mitigate the Nov. 4, 2021, daily imbalance.
AUD/JPY H4 chart
We are seeing a trapped scenario on the 4-hour chart as well.
AUD/JPY H1 chart
This could play out on the hourly chart as above and below. A break of resistance would play into the daily chart's upside bias towards 85 the figure.
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