AUDJPY: Bears Are Dominating

The overall outlook of the currency pair is in a downtrend.

Selling may be considered at the key areas.

AUDJPY Weekly Price Analysis – December 5
Further increase in the bear’s pressure may break down at $78.244 level and this may decrease the price to $78.206 and $78.200.

AUDJPY Market
Key Levels:

Resistance levels:   $80.560, $80.660 $80.760
Support levels:       $78.500, $78.400, $78.300

AUDJPY Long-term Trend: BearishThe currency pair is in a bearish zone in its long-term perspective. The buyers managed to push the price of AUDJPY up to $80.561 in the resistance area before the end of yesterday’s session.

The bulls lost the momentum as the bears took over and drop the price down to $80.246 in the support area as the daily chat opens today.

The impulsive move by the sellers further drops the price of AUDJPY down at $78.887 in the support area as it journeys down south continues.

The price of the Yen is initially down at $78.785 below the two EMAs in the support area. This implies that the price of AUDJPY is in control of the bears, therefore it’s in a downward trend.

The signal from the stochastic oscillator pointing downwards at around level 4% in the oversold area suggests the momentum in the price of AUDJPY is in a downtrend. This will compel the buying pressure to resume in the nearby days in the long term.

AUDJPY Medium-term Trend: BearishThe currency pair is in a bearish trend in its medium-term outlook. After breaking the $80.470 of the upper channel the bulls pushed the price further up at $80.561 in the resistance area shortly after yesterday’s opening before momentum loss. AUDJPY dropped to $79.849 in the support area before the end of the session.

The breakdown in price at the EMAs crossover with a large bearish marubozu at $79.027 in the support area confirmed the bears’ takeover as the 4-hourly chat opens today.

The Price of AUDJPY was down to $78.785 below the two EMAs in the support area as the journey down south continued. This is an indication of downward momentum in the price of the Yen.

The stochastic oscillator signal pointing up at around level 5% in the oversold region suggests that the currency pair may likely encounter a trend reversal whereby buyers will emerge to push the price of AUDJPY up in the days ahead in the medium term.

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