The price bars are below the moving averages which makes them capable of falling to the downside.
Sell traders may take their position as desired.
AUDJPY Weekly Price Analysis – October 16
The AUDJPY pair is going down at the moment and this may continue. Further increase in the bear’s pressure may break down the previous low at the $91.074 level and this may decrease the price to the $91.525 and $90.521 support levels. Thus a potential sell.
AUDJPY Market
Key Levels:
Resistance levels: $96.500, $96.600 $96.700
Support levels: $91.204, $91.104, $91.004
AUDJPY Long-term Trend: Bearish
Due to the high impact of the sell traders on the price flow, the daily chart market shows a bearish race.The bulls made a strong push to the $92.831 high mark during yesterday’s session and sustained it.
The momentum was lost as the short traders intervened and pushed the price of AUDJPY down to a low at $92.625 value below the two EMAs as the daily session opens today. This shows that the Yen is in a bearish move.
The journey to the south continue as the sellers further moved the price of the pair down to the $92.109 support value below the moving averages. This shows that the bears are dictating the affairs of the market at the present and an opportunity to sell.
In addition, the price signals which are pointing downwards at around level 48% suggest that the overall sentiment regarding the Yen market structure is bearish. We can therefore expect the sell traders to continue the trend pattern and the $91.525 low mark might be tested soon in the higher time frame.
AUDJPY Medium-term Trend: Bearish
On the 4-hourly chart, the pair is in a downward move. The price movement of AUDJPY is currently seen to be in the bears’ direction in the medium-term outlook.
The sustained bearish pressure moved the pair down to the $90.983 support level during yesterday’s session after which the buyers inroad briefly and moved the price up to the $93.449 resistance level and sustained it.
Earlier today, the bulls made a smooth run to a $93.334 high level, the inflow from the sellers now dumped the price to the $92.262 value and further down to a $92.109 low mark below the two EMAs.
Meanwhile, further downsides are likely as indicated by the daily stochastic which is pointing downwards. This means that the bearish movement will still continue and this could reach the $90983 support value soon in its medium-term outlook.
Thus, sell traders may take their position as desired in the key areas.
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