The upward move still dominates the long-term outlook while the medium-term range is facing a downward move.
The pair is slightly going in favor of the bears.
AUDJPY Weekly Price Analysis – May 23
AUDJPY price staying below EMA-9 at the support level of $84.109, may lead to strong downsides.
AUDJPY Market
Key Levels:
Resistance levels: $85.800, $85.825 $85.850
Support levels: $76.300, $76.275, $76.250
AUDJPY Long-term Trend: Bullish
The currency pair is bullish on the daily chart. The impulsive move by the bulls at $84.656 in the resistance area during yesterday’s session is resisted today as the bears resume to the market.
The daily chart today opens at $84.533 in the support area as the bears return briefly to the market.
The momentum in price drops down to $84.109 in the support area as it journeys down south.
AUDJPY now trades below the EMA-9 in the support area; an indication that the bears are in the dominance of the currency pair.
With the daily stochastic oscillator signal pointing downwards at around level 22% in the oversold region, implies that the pair is likely to further depreciate on the downside.
AUDJPY Medium-term Trend: Bearish
On the 4-hour chart, the pair is in a downtrend. The pair faces rejection at level 84.134 as the pair resumes a downward move.
The currency price broke the 9-day and 50-day EMAs. AUDJPY is in a bearish trend zone.
Price is currently at $84.258 in the resistance area below the two EMAs, an indication that the bears are in control of the market at the moment.
However, the daily stochastic pointing upwards at around level 33% in the oversold region is an indication of a trend reversal in the nearby days, and in this case an uptrend.
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