AUDJPY: Bears Are Gathering Momentum to Dominate the Market

The pair looks bullish both in the medium-term outlook and in the long-term outlook.
The currency pair could still increase despite a minor decline


AUDJPY Weekly Price Analysis – February 13
Further increase in the bear’s pressure may break down at the $114.148 level and this may push the price down to $113.659 and $113.481 support levels.

AUDJPY Market
Key Levels:

Resistance levels:   $116.300, $116.450 $116.550
Support levels:       $115.300, $115.150, $115.000

AUDJPY Long-term Trend: BullishAUDJPY is bullish on the daily chart. The impulse move to the $116.338 resistance level during yesterday’s session sustains the bullish momentum before the sellers return today.

The daily chart opens today with a bearish candle at $115.967 support level with its wick breaking the EMA-9 in the support area.

Increased momentum by the bears drops the market price further down to $115.418 in the support area.

The price of AUDJPY is initially down at $115.014 support level with its wick breaking down the EMA-9 a bit above the two EMAs, an indication of a slight weakness in the strength of the bulls.

The signal of the stochastic oscillator signal points down at around level 88% in the overbought region. It suggests the overall outlook shows upward momentum while a temporary drawdown may occur within the range in the days ahead in the long-term.

AUDJPY Medium-term Trend: BullishOn the 4-hour chart, the currency pair is in an upward trend zone. The moving averages are sloping upward indicating the uptrend.

The sustained bullish pressure pushed the pair further up at the $116.193 resistance level after which they returned and dropped the market price down to $115.824 support level before the end of yesterday’s session.

Today’s 4-hourly chart opens with a bullish candle at $115.985 in the resistance area.

The bulls lost momentum while the sellers’ in-road into the market drop the market price of AUDJPY down to $115.825 support level.

The impulse move by the bears further drops the market value of USDJPY down to $115.418 support level.

The price of USDJPY is initially down at $115.014 below the two EMA-9 and above the EMA-50 with its long wick breaking down the EMA-50 in the support area, this indicates a slight weakness in the strength of the bulls.

The signal of the stochastic oscillator signal points down at around level 32% approaching the oversold region. It suggests that AUDJPY may commence bullish movement soon i.e the days ahead in the medium-term. Buyers may wait for this action to commence before taking a position in the medium-term.

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