AUDJPY: Bears Will Dominate Soon

The bears will dominate the AUDJPY market soon.
The bulls’ pressure may subside.

AUDJPY Weekly Price Analysis – December 22

The AUDJPY bears will dominate soon. The pair has just begun the sliding movements at the overbought region. Therefore if the bears could add an aggressive force to their actions, the Yen price may slide down to a $90.11 previous support value and extend the low dips to the $88.00 lower support level as the bears aim to drag the market price down, suggesting a sell signal.

AUDJPY Market
Key Levels:
Resistance levels: $101.00, $102.00, $103.00
Support levels: $95.00, $94.00, $93.00

AUDJPY Long-term Trend: Bearish

The AUDJPY bears will dominate soon as it resumes its bearish trend on the daily chart. The previous action’s high bearish impact on the pair at the $96.15 low level contributed to its bearishness at its recent low.

Today, after moving to a high of $98.72, the bears inroad briefly and dropped the AUDJPY price to a low at $97.42 support value below the moving average as the daily chart resumes, implying a change in trend. Hence, the bears will dominate soon as we can see the market value facing the support zone. Therefore, a strong breakdown below the $90.11 previous support level would strengthen the bearish pressure.

In addition, the price of AUDJPY is facing down at the overbought region of the daily stochastic, suggesting the bears will dominate soon. In its long-term outlook, the Yen price could hit the $88.00 lower support trend level in the days to come.

AUDJPY Medium-term Trend: Bullish

On the 4-hour chart, the AUDJPY pair is bullish. The price bar is above the supply levels, indicating a bullish trend. The sustained bullish pressure on the pair at the $97.76 high level in the last session has enabled the price action to remain above the supply levels in its recent low.

The price action drops significantly to the $97.69 support level as the 4-hourly chart opens today, suggesting that the bears will dominate soon.

Hence, should the selling pressure persist, and the bears close the 4-hourly chart below the $95.60 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 pointing down around level 65% also indicates that the bears will dominate soon. As a result, the next bearish correction phase could reach a low at the $88.00 lower support level in the days ahead as we watch the AUDJPY bears dominating soon in its medium-term outlook.

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