AUDJPY : Declines Beneath $79.827, Maintains Downtrend

The AUDJPY pair now trades at the lower support area.
Responsible selling may be considered in key areas.

AUDJPY Weekly Price Analysis – August 22
The bearish trend may continue provided the $78.244 support level holds.

AUDJPY Market
Key Levels:

Resistance levels:  $85.270, $85.280 $85.290
Support levels:      $78.250, $78.240, $78.230

AUDJPY Long-term trend: BearishAUDJPY still remains in a bearish zone in its long-term outlook. After retesting the support level of $79.827 by the bears on the 18th of August in the support area and also breaking the support line had sustained the currency pair to have a strong support zone.

The bears made a progressive movement to the south with a touch at the support line and stayed below it at $78.244 in the support area as the low attained by the pair on the 19th of August.

A bullish doji candle at $78.353 opens today’s daily chart in the resistance area, an indication of a trend reversal.

The price of AUDJPY is up at $78.632 in the resistance area below the EMAs, this suggests that the sellers are in control of the market.

Hence, the stochastic signal pointing up at around level 8% in the oversold area suggests that the momentum in the price of AUDJPY may likely encounter a change in trend in the days ahead in the long term.

AUDJPY Medium-term trend: BearishOn the medium-term outlook, the momentum is in a downward trend. The sustained bearish pressure pushed the pair down to $78.353 in the support area during yesterday’s session.

The journey downwards continues as the 4-hourly chart opens today at $78.579 in the support area.

Activities from the sellers further drop the price down to $77.895 in the support area.

Bulls stage a return and push the price of AUDJPY up to $78.534 in the resistance area.

Bears took over and drop the price of the Yen down to $78.312 below the two EMAs in the support area; this implies that the momentum in the price of AUDJPY is in a downtrend.

The stochastic signal pointing up at around level 20% in the oversold region, suggests that the pair may likely encounter a trend reversal in the nearby days in the medium-term.

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