- Analytics
- News and Tools
- Market News
- AUD/JPY Price Analysis: Bulls are not out of the woods yet
AUD/JPY Price Analysis: Bulls are not out of the woods yet
- AUD/JPY bears are in control of the longer-term time frames.
- The bulls, on the other hand, could be on the verge of a break of key short-term resistance.
As per the hourly chart, despite the better mood in financial markets and a relief rally in US stocks, the bulls are not out of the woods yet, and may not find their way out according to the higher time frames.
The following illustrates this in a top-down analysis as follows:
AUD/JPY daily chart
The trend is down and will remain so until the resistance highlighted above is cleared. A retest of the structure and a 38.2% Fibonacci retracement, however, is not out of the question.
AUD/JPY H4 chart
The 4-hour chart's price inefficiency between resistance levels is a compelling feature that could offer an opportunity for bulls to scalp towards the 94.40s on a break of near-term resistance of 93.90.
AUD/JPY H1 chart
The hourly time frame shows that the price is accumulating and with a break of the aforementioned resistance levels, then the bulls could be in the running for a retest of 95.10 and 95.80 thereafter.
© 2000-2024. All rights reserved.
This site is managed by Teletrade D.J. LLC 2351 LLC 2022 (Euro House, Richmond Hill Road, Kingstown, VC0100, St. Vincent and the Grenadines).
The information on this website is for informational purposes only and does not constitute any investment advice.
The company does not serve or provide services to customers who are residents of the US, Canada, Iran, The Democratic People's Republic of Korea, Yemen and FATF blacklisted countries.
Making transactions on financial markets with marginal financial instruments opens up wide possibilities and allows investors who are willing to take risks to earn high profits, carrying a potentially high risk of losses at the same time. Therefore you should responsibly approach the issue of choosing the appropriate investment strategy, taking the available resources into account, before starting trading.
Use of the information: full or partial use of materials from this website must always be referenced to TeleTrade as the source of information. Use of the materials on the Internet must be accompanied by a hyperlink to teletrade.org. Automatic import of materials and information from this website is prohibited.
Please contact our PR department if you have any questions or need assistance at pr@teletrade.global.
Bank transfers
