AUDJPY: Preparing For Next Bull Trend, Breakout Imminent

The Yen is facing more pressure from the bears.
The market is experiencing low bulls and bears momentum.

AUDJPY Weekly Price Analysis – February 20
At the moment, the pair is facing the negative side as the bears aim to drag the market price to the support level of $80.367.

AUDJPY Market
Key Levels:

Resistance levels:    $84,100, $84,200, $84,300
Support levels:         $81.200, $81.100, $81.000

AUDJPY Long-term Trend: BullishThe momentum on the long-term outlook is in an upward move. The bear’s increased momentum pushed the price down to $82.334 with a bearish candle with its wick breaking down the EMA-9 in the support area, during yesterday’s session and sustained it.

The formation of the bearish candle with a long wick at $82.562 support level, affirms the bears’ presence in the market as the daily chart opens today.

AUDJPY further drops to an $82.518 support level as the journey down south continues.

The price of the Yen is initially down at the $82.421 support level which is below the EMA-9 and slightly above the EMA-50, this implies a slight weakness in the strength of the buyers.

However, the stochastic signal which is pointing down at around level 54% in the overbought region also indicates that the price of AUDJPY may likely experience a trend reversal and continue in a downtrend in the days ahead in the long term.

AUDJPY Medium-term Trend: BearishThe currency pair is in a bearish trend in its medium-term outlook. The bears made a progressive movement to the south at $82.334 support level with a touch at the two EMAs which were fanned apart during yesterday’s session.

The momentum lost as the bulls gradually in-road and move the market price of AUDJPY up to $82.830 resistance level as the 4-hourly chart opens today.

The bulls’ increased momentum further moves the price of the Yen up to the $83.328 resistance level.

The buyers’ gradual return now drops the price of AUDJPY down to $82.433 support level.

The market price of AUDJPY is initially up at $82.725 resistance level which is below the two EMAs, this implies that the bears are already dictating the market.

The stochastic oscillator signal pointing up at level 17% in the oversold region suggests that the price of the Yen is in a downward motion and more buyers are expected to come into the market sooner to move the price up in the medium-term perspective.

Therefore, buyers may wait for this action to occur and take their position as desired.

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