AUDJPY: Buyers Dominate Market, Targeting $85.610 Level

The overall outlook of the currency pair is in an uptrend.
The bulls are gaining more ground.

AUDJPY Weekly Price Analysis – January 2
Should the bears push the price to the $83.260 level and break it down, it may descend to $82.940 and $82.741 price levels.

AUDJPY Market
Key Levels:

Resistance levels:   $83.800, $83.900 $84.000
Support levels:        $78.200, $78.100, $77.000

AUDJPY Long-term Trend: BullishAUDJPY is having a bullish posture in its long-term outlook. The bulls increased momentum moved the price up to $83.255 in the resistance area and sustained it during yesterday’s session.

Today’s daily chart opens at $83.360 in the resistance area is as a result of more pressure from the bulls.

The buyer’s reaction pushes the pair further up at $83.679 in the resistance area as the journey up north continues.

The price of AUDJPY at the time of writing this article at $83.761 stays above the two EMAs in the resistance area, an indication of upward momentum in the price of the Yen.

The signal of the stochastic oscillator pointing up at around level 95% in the overbought region implies that AUDJPY price is in an uptrend and may continue in the same direction in the days ahead in the long term.

AUDJPY Medium-term Trend: BullishThe currency pair is in a bullish trend zone in its medium-term perspective. After pushing the price down to $83.480 in the support area by the sellers, the price further dropped down to $83.351 in the support area, the momentum lost as the bulls set in and moved the price of the Yen up at $83.486 before the end of yesterday’s session.

Today’s 4-hourly opening candle at $83.489 in the resistance area is bullish as the bulls are gradually returning to the market.

AUDJPY rises further to $83.689 in the resistance area due to increase pressure from the buyers. Exhaustion set in as the seller’s return briefly and drops the price of the currency pair down at $83.388 in the support area.

The bulls return and push the price of the Yen up at $83.751 in the resistance area, after which the sellers in-road and drops the price down to $83.654 in the support area.

The price which is initially down at $83.654 in the support area above the two EMAs; suggests the momentum in the price of AUDJPY is in an uptrend.

The stochastic oscillator signal pointing down at around level 88% in the overbought region indicates that the momentum in the price of the currency pair is likely going to encounter a change in trend as sellers are expected to emerge in the days ahead in the medium term.

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.