AUDJPY: At the Verge of More Downsides

The currency pair looks bullish in the long-term outlook while the medium-term outlook is bearish.
The bulls may have temporal control in the market soon.

AUDJPY Weekly Price Analysis – May 1
Further increase in the bear’s pressure may break down at the $90.584 support level and this may decrease the price to $84.898 and $83.808 support levels.

AUDJPY Market
Key Levels:

Resistance levels: $93.550, $93.650 $93.750
Support levels:     $91.600, $91.500, $91.400

AUDJPY Long-term Trend: BullishAUDJPY is having a bullish posture in its long-term outlook. The bull’s increased momentum pushed the market value of the pair to the $93.523 resistance level during yesterday’s session.

The bulls lost the momentum as the bear’s in-road to the market and drop the market price down to the $92.787 support level as the daily chat opens today.

The impulsive move by the sellers further drops the price of AUDJPY down to the $91.665 support level as the journeys down south continues.

The market value of the Yen is significantly down at $91.562 support level below the EMA-9 and above the EMA-50. This implies that the currency pair is in an uptrend more so, the bulls are getting weaker and the sellers are gradually warming up to take charge of the market at the present.

The stochastic signal which is pointing downwards at around level 28% in the oversold region also indicates that the sellers might likely continue the downward pressure of AUDJPY in the days ahead in the long-term perspective.

AUDJPY Medium-term Trend: BearishOn the 4-hourly chart, the currency pair is in a downward move. Pressure from the buyers moved the market price of the AUDJPY pair up to the $93.518 resistance level. The momentum loss as the sellers moved into the market and dropped the price of the Yen down to the $92.354 support level before the end of yesterday’s session.

Exhaustion sets in as the bulls return briefly and move the price up to the $93.035 support level as the daily chart opens today.

Activities from the buyers further increase the market value of the Yen up to the $93.414 resistance level, the momentum lost while the bears return briefly and drop the price down to the $91.797 support level.

The journey down south continues as more pressure from the bears now drops the market value of AUDJPY to $91.562 support level below the two EMAs at the time of writing this article, this indicates a downward trend and that the bears are in control of the market at the moment.

The pair is around 27% of the daily stochastic approaching the oversold region also indicates that the price of AUDJPY is in a downtrend and may likely remain in the same direction in the nearby days in the medium-term.

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