AUDJPY: Drops Sharply, Uptrend Likely To Resume

The upward move still dominates both the long-term and the medium-term outlooks
The pair is slightly going in favor of the bulls.

AUDJPY Weekly Price Analysis – November 14
AUDJPY price may continue buying pressure as it faces rejection at level $83.114.

AUDJPY Market
Key Levels:

Resistance levels:  $83.200, $83.300 $83.400
Support levels:      $78.800, $78.700, $78.600

AUDJPY Long-term Trend: BullishThe currency pair is bullish on the daily chart. . The impulsive move by the bears at $83.114 in the support area during yesterday’s session is resisted today as the bulls resume to the market.

The daily chart today opens at $83.124 in the resistance area as the bulls return briefly to the market.

The momentum in price moves up to $83.496 in the resistance area as it journeys up north.

AUDJPY now trades at $83.559 below the EMA-9 in the resistance area; an indication that the bulls are in the dominance of the currency pair.

The daily stochastic oscillator signal pointing upwards at around level 16% in the oversold region, implies that the pair is likely to further increase on the upside, and more buyers are expected to emerge soon in the long-term perspective.

AUDJPY Medium-term Trend: BullishOn the 4-hourly chart, the pair is in an uptrend. The pair faces rejection at level $83.119 as the pair resumes an upward move.

The currency price that broke the EMA-9 at $83.499 AUD/JPY is in a bullish trend zone.

The price of AUDJPY is currently at $83.599 in the resistance area above the EMA-9, an indication that the bulls 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 that the trend might likely continue in an uptrend in the nearby days.

Note: Forexschoolonline.com is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results.