AUDJPY: Bull Run Faces Rejection at the $96.21 Low Mark

The currency pair Bull Run faces rejection at the $96.21 low mark.
The sell traders are dominating.

AUDJPY Weekly Price Analysis – August 11

The AUDJPY bears dominate as the bull run faces rejection at the daily $92.21 support level. The pair is in a downward trend and may continue sliding. Therefore, if the bears could add an aggressive force to their actions, the Yen price may slide down to hit the $90.11 previous support barrier, which may further drop to the $88.00 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: $93.00, $92.00, $91.00

AUDJPY Long-term Trend: Bearish (Daily)

The daily chart shows that the AUDJPY bull run faces rejection at the $96.21 current support level due to the involvement of the bears in the price flow. The Yen price is below the moving average, confirming its bearishness. Meanwhile, the bears are currently dominating soon as the market seems to be overbought.

The high bearish impact on the pair at the $90.11 low mark in the past few days has contributed to its bearishness in its recent low.

Today, the momentum remains bearish as the bull run faces rejection at the $92.21 support level, below the moving average line as the daily chart resumes, indicating the bears are in control of the AUDJPY market, and this may continue.

Hence, the bull run could face more rejection to the south if the bears could add more strength to their selling forces; a break below the $90.11 previous low mark will confirm and strengthen the bearish pressure.

In addition, the price action of AUDJPY is pointing down around level 49% of the daily stochastic, suggesting the AUDJPY bull run might continue to face rejection, leading the Yen price to drop to a $88.00 lower support level in the days ahead in its higher time frame.

AUDJPY Medium-term Trend: Bearish (4H)

On the 4-hour chart, the pair bull run faces rejection at the $96.26 support level, indicating the bears are attempting a downward correction. The AUDJPY bears are in charge, as we can see the bears’ influence on the pair.

The AUDJPY bull run faces rejection at the $96.26 support level below the moving average as AUDJPY price action drops significantly to the $96.26 support level below the EMA-50, as the 4-the 4-hourly chart opens today, indicating the bears are in control of the market.

Hence, should the selling pressure persist, and the bears close the 4-hourly chart below the $90.11 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 is pointing down around level 63%, indicating the bearish trend may continue. Thus, the next bearish correction pattern could reach a low at the $88.00 lower support mark in the days ahead as the bull run faces rejection, while sellers dominate in its medium-term outlook.

Note: Forexschoolonline.com is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results.