The currency pair is going in favor of the bears now.
Overall market sentiment regarding the pair remains bearish.
AUDJPY Weekly Price Analysis – August 20
At the moment the AUDJPY now trades below the moving averages and looks good for sell traders. Are the bulls going to show up? However, this dump might likely end soon, if the bulls should exert more force on the price action in the market. The pair may resume its uptrend and the new bull cycle may possibly reach the $97.570 previous high mark and beyond.
AUDJPY Market
Key Levels:
Resistance levels: $95.500, $95.600, $95.700
Support levels: $87.000, $86.000, $85.000
AUDJPY Long-term Trend: Bearish (Daily chart)
Analyzing the chart above, we can see that the AUDJPY is in a bearish market in its long-term outlook. The price of AUDJPY is currently trading at the support below the moving averages.
Thus, the bulls are about to show up as the market price now trades at the oversold region, so it seems that the bulls are about to take over and push us higher.
Activities from the sell traders dropped the trend of the currency pair down to a $93.212 low value in the support area before the close of yesterday’s session; this made it easier for the coin to remain below the support levels in recent times.
The momentum from sellers continues and dropped the price of AUDJPY down to a $92.904 low level as the daily chart opens today. This is an indication of a downtrend and also proves the impact of bearishness on the currency pair. Thus, the anticipated bullish reversal could kick start a new recovery cycle and may push the Yen price above the $97.570 price level.
Notably, the bulls are going to show up soon as shown by the daily stochastic which indicates that the market is oversold. This means that the selling pressure will be exhausted soon.
The bulls are expected to resume the bullish correction phase sooner. If this is achieved, the bullish rally might reach the $97.570 supply mark in the days ahead in its long-term outlook.
AUDJPY Medium-term Trend: Bullish (4H chart)
The AUDJPY price is in a downward move and negative in its medium-term time frame. The selling crews are having the market price at their disposal.
The sell traders made a downward move to the $93.246 support level before the end of yesterday’s session. This gave sellers more strength to continue with the trend in its recent low.
Pressure from the short traders further drops the price of AUDJPY down to the $92.909 support value below the two EMAs as the 4-hourly session opened today, this suggests that the momentum in the price of the Yen is in a downtrend. Hence a sell signal.
The stochastic oscillator signals show that the bulls will show up again soon by pointing downwards at around level 8% in the oversold region.
This is an indication that the selling pressure will soon be exhausted, in light of this, the price of AUDJPY may likely rise to the upside to hit the $95.828 which could extend the price of the pair to the $97.570 high level in the days ahead in the medium-term. Hence a buy signal.
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