AUD/JPY has been bullish on the daily chart. The daily chart shows that the price consolidated and produced a bullish engulfing candle last Friday. The pair made a breakout on the intraday charts. Thus, the bull may continue its domination in the pair today as well. Let us have a look at three major charts.
Chart 1 AUD/JPY Daily Chart
The chart shows that the price had a bounce at the level of 67.600 twice. At the second bounce, the chart produced a bullish engulfing candle and headed towards the North. At the last consolidation, the chart produced a spinning top followed by a doji candle. Last Friday’s candle engulfed the doji candle. Thus, the pair has had a bullish momentum above Friday’s highest high. The pair may find its next resistance around 74.275.
Chart 2 AUD/JPY H4 Chart
The H4 chart shows that the price has been heading towards the North. The chart made a significant breakout at 71.000 and consolidated around the level for a long time. Upon producing a double bottom, the price has been heading towards the North. The buyers may wait for the price to consolidate to add more positions. Consolidation followed by a breakout at consolidation resistance may make the pair remain bullish and push the price to make a new higher high. The price may find its next resistance around 73.550. In case of a long bearish correction, the price may find its support at 71.700.
Chart 3 AUD/JPY H1 Chart
The chart shows that the chart made a breakout the last highest high of the wave at 71.850. Upon having a rejection at 72.500, the chart produced a bearish engulfing candle. The price has found its support at 72.300, where it produced a bullish engulfing candle. As of writing, the price in the last candle has been bullish as well. The buyers may go long above consolidation resistance at 72.500. The price may find its next resistance around 73.000. The H1 chart is very bullish. However, if the price gets a rejection at consolidation resistance, the price may make a bearish move at a moderate pace. The price may find its next support at 72.000.
The daily, the H4, and the H1 chart are very bullish. The daily chart does not allow the price to make a long journey towards the North. However, the H4 and the H1 chart’s bullishness may continue pushing the price towards the North. This means the bull may dominate in the pair in the coming days.