AUDJPY: Bullish Trend May Continue

AUDJPY is facing an increase in buying pressure and may continue in the same direction if it breaks $83.649
Overall market sentiment regarding the pair remains bullish.

AUDJPY Weekly Price Analysis – December 12
The breakup of the $83.649 resistance level by the bulls may increase the price.

AUDJPY Market
Key Levels:

Resistance levels:   $83.600, $83.800, $84.000
Support levels:       $78.250, $78.050, $77.850

AUDJPY Long-term Trend: BullishThe currency pair looks bullish in its long-term view. AUDJPY is very likely to continue moving up as we are seeing a weak turn up by the sellers. The Yen is facing an increase in buying pressure and it could continue to move up more.

The bears’ pressure on the currency pair at $80.921 at the support area further led to a drop in the price of the Yen during yesterday’s session.

The bulls make a progressive movement to the north at $81.065 in the resistance area as the daily session opens today.

The Price of AUDJPY further rises to $81.274 at the resistance area above the EMA-9.
The price of the Yen is initially up at $ 81.558 above the EMA-9, an indication of more buyers coming into the market.

The Yen is also approaching the overbought region of the stochastic signal at around level 55%, an indication of an uptrend in the context of the strength of the market. An indication that buyers are dominating the market in the long term.

AUDJPY Medium-term Trend: BullishThe currency pair is in a bullish trend in its medium-term outlook. After breaking the $81.452 of the resistance level the bulls moved the price further up at $81.580 in the resistance area shortly after yesterday’s opening before momentum loss.

The breakdown in price at the EMAs crossover with a bearish inverted hammer at $81.084 confirms the bears’ takeover as the 4-hourly charts open today.

Buyers’ in-road into the market briefly and increase the price of AUDJPY to $81.556 in the resistance area after which the momentum was lost.

Activities from the sellers further drop the price of AUDJPY down at $81.230 in the support area at the time of writing this article.

The Price is above the two EMAs, an indication of an uptrend in the context of the market.

The stochastic oscillator signal pointing down at around level 50% in the overbought region suggests that the price of AUDJPY may likely encounter a change in trend and in this case a downtrend in the nearby days in the medium-term.

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