The AUDJPY pair is dropping significantly.
The currency pair trades lower as buyers are holding back.
AUDJPY Weekly Price Analysis – November 12
At the moment the AUDJPY market is starting to trade lower and turns bearish as buyers are holding back at the moment. Should sellers prove stronger and the Yen price sustain below the $93.03 previous low level, the down south rally could drop lower to hit a $90.00 lower support level and beyond, hence buyers’ relief.
AUDJPY Market
Key Levels:
Resistance levels: $93.00, $94.00, $95.00
Support levels: $90.00, $89.00, $88.00
AUDJPY Long-term Trend: Bullish (Daily)
AUDJPY price is bullish on the higher time frame. The market shows that buyers are holding back as the Yen price which is above the EMA-50 begins to drop and face the support levels.
The bulls’ increase to the $97.50 high level, on the 6th of November has made the currency pair remain in an upward trend zone in its recent high.
Meanwhile, the bears are now involved in the order flow, as the pair now trades lower above the moving averages to drop the Yen below the resistance levels.
Actions from the bears drop the AUDJPY price down to a $96.03 support value above the EMA-50 as the daily chart opens today. This suggests the return of the short traders to the market to further drop the price of the Yen lower.
Therefore should sellers increase their swagger in the market, the AUDJPY price is poised to drop below the key support levels around the $93.03 value
In addition to that, the momentum indicator which is pointing down indicates that the price of AUDJPY may likely continue to trade lower and possibly remain in that direction to hit the $90.00 lower support level and beyond soon as buyers are holding back at the moment in the higher time frame.
AUDJPY Medium-term Trend: Bearish (4H)
The momentum on the medium-term time frame is now bearish. Sellers are now involved in the order flow trading lower while buyers are holding back at the moment.
The interference from the bears at the $96.63 support level during the previous action has moved the price of AUDJPY down below the supply trend levels in its recent low.
Earlier today, the inflow from the bears dropped the Yen price down to a low at the $96.03 support level below the moving averages even as the 4-hourly session opens today.
Hence, should sellers respond to the shift in the trend and challenge the current supply value at $96.45, the Yen could drop down to retest the $94.24 previous low level which could nullify any further bullish thesis.
In addition, the market is pointing down on the daily stochastic, which drops the price of AUDJPY further, and in this case, the bearish correction rally might reach the $90.00 lower support value soon as buyers are holding back in the medium-term time frame.
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