AUDJPY: Bears Are Dominating Soon

The currency pair remains in a bullish market zone.
Buyers are dominating soon.

AUDJPY Weekly Price Analysis – April 7
The AUDJPY bears are dominating soon. The pair at the moment is in an uptrend and it is likely to slide and face the downside as the market shows an overbought position on the daily chart. Therefore if the bears could add an aggressive force to their actions, the Yen price may slide down to a $93.01 previous support value which may further drop down to the $92.00 lower support level as the bears aim to drag the market price down at the moment.

AUDJPY Market
Key Levels:
Resistance levels: $97.00, $98.00, $99.00
Support levels: $95.00, $94.00, $93.00

AUDJPY Long-term Trend: Bullish
The market value of AUDJPY on the daily chart is seen above the moving averages. Meanwhile, the bears are dominating soon as the market seems to be overbought.

The high bullish impact on the pair at the $99.66 high level in the previous action has contributed to its bullishness in its recent high.

Today, the momentum remains bullish with a pin bar bullish candle at the $99.83 supply value above the moving average as the daily chart resumes today. This implies a change in trend soon. Hence, the bulls are dominating soon as we can see the market in the overbought region.

Therefore, a strong breakdown below the $93.01 previous support level would strengthen the bearish pressure.

In addition, the price action of AUDJPY is around level 79% in the overbought region of the daily stochastic. This means that the bears will be dominating soon.

Should the AUDJPY price turn down from the $99.83 high value and slide down below the $93.01 support mark, the bullish thesis would get invalidated and the Yen price could hit the $92.00 lower support trend level in the days to come in its long-term outlook.

AUDJPY Medium-term Trend: Bullish
On the 4-hour chart, the pair is in an upward move. The AUDJPY bears are dominating soon as we can see the bears’ influence on the pair at the moment.

The sustained bullish pressure on the pair at the $100.30 high level during the past session has made the price action remain above the supply levels in recent times.

The price action drops significantly to the $ 99.71 support level as the 4-hourly chart opens today. This suggests that the bears are dominating the market soon.

Hence, should the selling pressure persist, and the bears close the 4-hourly chart below the $96.89 previous lowest mark, the ongoing dips could lead the market price of AUDJPY to remain stable at the downside and stop any further bullish moves.

Notably, the daily stochastic which is pointing down around level 56% also indicates that the bears are dominating soon. The next bearish correction phase could reach a low at the $92.00 lower support mark in the days ahead as we watch the AUDJPY buyers dominating soon in its medium-term outlook.

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