USDJPY Market Annual Forecast
Significant Levels:
Resistance levels: $86.260, $86.360, $86.460
Support levels: $80.000, $70.000, $60.000
AUDJPY Long-term Plan: Bullish
AUDJPY is in a bullish market zone on the monthly chart. The buyers were in control of the AUDJPY market for the past few months.
The bullish momentum has pushed the currency pair to find resistance at a level of $70.170 since April 2020 up to the $85.083 resistance level in May 2021.
The momentum was lost as the bears came in and dropped the price down to $82.132 since June 2021 and went further down to $ 78.084 in September 2021.
The bullish momentum got triggered and the price as of October 2021 at $80.611 resistance level increased to $83.760 by December 2021.
This month, the market is experiencing bearish pressure as the bears are rolling into the market and dropping the price of the Yen down at the $82.090 support level.
The annual forecast according to the stochastic signal pointing downwards at around level 61% approaching the oversold region suggests that the price of the Yen has been dropping significantly downward.
The market, however, is still solid and will race upward this year in 2022 as more buyers will emerge as the years continue.
AUDJPY Medium-term Plan: Bullish
On the weekly chart, the price movement is currently seen to be in the bull’s direction. Both the buyers and the sellers have been exchanging the baton in the past few weeks.
The price action by the bulls in the past few weeks from the 23rd of August 2021 to 29th October 2021 at $80.350 to $86.059 price levels had made the market price rise significantly.
The bears have since 1st of November 2021 resumed a downward move till 29th
of November 2021 and sustained it.
With the bears that are in now at $83.679 support level from the 3rd of January, 2022 to the 10th of January, 2022 at $82.090 which is above the two EMAs implies that the bears are gradually returning to the market to continue the journey down south.
The stochastic signal pointing down at around level 57% in the overbought region implies the USDJPY market may likely continue in a downtrend in the weeks ahead in its medium-term perspective.
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