A bullish scenario is playing out in the long term.
The bears may have temporal control.
AUDJPY Weekly Price Analysis – August 13
Staying above the EMA-9 can lead to strong growth for AUDJPY.
AUDJPY Market
Key Levels:
Resistance levels: $82.000, $82.005 $82.010
Support levels: $80.230, $80.225, $80.220
AUDJPY Long-term trend: Bullish
On the daily chart, the momentum is in an upward move. The bears increased momentum dropped the price down to $80.949 in the support area, during yesterday’s session. The momentum was lost as exhaustion sets in as the bulls return briefly.
Today’s daily pin bar opening candle at $80.993 is bullish as the bulls return briefly to the market.
AUDJPY rises further to $81.067 in the resistance area. Price is above the EMA-9, an indication of an uptrend in the context of the strength.
The signal of the stochastic oscillator pointing down at around level 68% in the overbought region suggests a downward momentum in the price of the Yen also the currency pair may likely encounter a change in trend in the days ahead in the long-term perspective.
AUDJPY Medium-term trend: Bearish
The currency pair is in a bearish trend market zone in its medium-term outlook. $81.067 in the resistance area was the high attained during yesterday’s session.
The 4-hourly chart today opens with a bearish candle at $81.027 in the support area.
Price is initially down at $80.968 in the support area below the two EMAs, this implies the momentum in price is in a downwards trend in the context of the strength of the market.
The stochastic oscillator signal pointing down at around level 14% in the oversold region suggests the momentum in price is in a downtrend and may likely continue in the same direction in the days ahead in the medium-term.
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