AUDJPY: Bearish Trend May Continue

AUDJPY is facing an increase in selling pressure and may continue in the same direction if it breaks $80.571
Overall market sentiment regarding the pair remains bearish.

AUDJPY Weekly Price Analysis – November 7
The breakup of the $80.571 level by the bears may decrease the price to $80.177 support level.

AUDJPY Market
Key Levels:

Resistance levels:   $85.500, $85.600, $85.700
Support levels:       $78.800, $78.700, $78.600

AUDJPY Long-term Trend: BullishThe currency pair looks bullish in its long-term view. AUDJPY is very likely to continue dropping as we are seeing a bearish correction in place. The Yen is facing an increase in selling pressure and it could continue to slide more.

A bearish candle at $84.142 in the support area opens today’s daily chart.

Pressure from the bears further drops the price of AUDJPY down to $83.818 in the support area.

Price is just a bit above the EMA-50 an indication of an uptrend in the context of the market.

However, the stochastic oscillator signal pointing down at around level 5% in the oversold region is an indication that the momentum in the price of the Yen is in a downtrend and more buyers are expected to turn up in the nearby days in the long term.

AUDJPY Medium-term Trend: BearishAUDJPY is in a bearish trend in its medium-term outlook. After breaking the $84.346 of the lower channel the bears drop the price further down at $83.895 in the support area shortly after yesterday’s opening before momentum loss AUDJPY rises to $84.216 in the resistance area before the end of the session.

The breakdown in price at the EMAs crossover with a bearish pin bar at $84.164 in the support area confirms the bears’ takeover as the 4-hourly chart opens today.

Price is down to $83.884 in the support area and later rises to $84.181 in the resistance area at the time of writing this article.

The seller inroad and drops the price of the currency pair down to $83.863 in the support area.

The price of AUDJPY is initially down at $83.819 below the two EMAs in the support area. This indicates that the price of the Yen is in a downtrend.

The stochastic oscillator signal pointing downwards at around level 6% in the oversold region suggests a downward momentum in the price of AUDJPY; more so, more buyers are expected to emerge soon in the medium term.

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