AUDJPY : Attractive To Sellers!

The AUDJPY pair now trades at the support area.
The bears may continue the journey to the lower support area.

AUDJPY Weekly Price Analysis – July 18
The market is falling hard as the pair slopes below the EMAs leading to a market selloff.

AUDJPY Market
Key Levels:

Resistance levels:       $85.765, $85.770 $85.775
Support levels:            $81.370, $81.365, $81.360

AUDJPY Long-term trend: BearishThe currency pair is in a downtrend in its long-term outlook. The sustained bearish pressure pushed the pair down to $ 81.428 in the support area during yesterday’s session.

The journey downwards continues as the daily chart opens today with an inverted pin bar candle at $82.188 in the support area. An indication of a trend reversal.

The price of AUDJPY is initially down at $81.350 in the support area below the two EMAs, an indication of a downtrend in the context of the strength of the market.

The stochastic oscillator signal pointing downwards at around level 19% in the oversold region suggests that the Yen is in a downward momentum in its long-term perspective.

AUDJPY Medium-term trend: BearishOn the medium-term outlook, the momentum is in a downward trend. The bullish candle at $81.454 in the resistance area during yesterday’s session sustained the bullish momentum up.

Today’s 4-hourly chart opens on a bullish note at $81.597 in the resistance area.

Activities from the buyers further move the price of AUDJPY up to $ $81.946 in the resistance area, after which the bears resume the trend downwards.

The sellers resume briefly and drop the currency pair down to $81.694 in the support area.

Pressure from the bears further drops the Yen down to $81.350 in the support area below the two EMAs, an indication that the market is in a downtrend and the bears are in control of the market at the present.

However, the stochastic oscillator signal pointing downwards at around level 24% in the oversold region suggests that the price of AUDJPY may likely continue in the same direction in the nearby days in the medium-term.

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