The Yen is facing more pressure from the bears.
The market is falling hard as AUDJPY slopes below $82.090 leading to a market selloff.
AUDJPY Weekly Price Analysis – January 23
Further increase in the bears’ pressure may break down at $80.046 and this may decrease the price to $78.887 and $78.785 support levels.
AUDJPY Market
Key Levels:
Resistance levels: $85,800, $86,000, $86,200
Support levels: $81.500, $81.300, $81.100
AUDJPY Long-term Trend: Bearish
The momentum on the long-term outlook is in a downward move as can be seen from the daily chart now. The bear’s increased momentum pushed the price down to $82.394 with a bearish doji candle in the support area, during yesterday’s session and sustained it.
The formation of the long bearish candle at $82.409 at the support area as the daily session opens today, affirms the bear’s presence in the market.
AUDJPY further drops to $81.527 with its wick touching the EMA-50 in the support area as the journey down south continues.
The price of the Yen is initially down at $81.490 in the support area which is below the two EMAs; this implies that more sellers are present in the market at the moment.
The stochastic signal which is pointing down at around level 13% in the oversold region also indicates that the price of AUDJPY is in a downtrend, more so buyers are expected to emerge to move the price of the Yen up in the nearby days in the long-term.
AUDJPY Medium-term Trend: Bearish
The currency pair is in a bearish trend in its medium-term outlook. The bears made a progressive movement to the south at $82.399 in the support area with a touch at the two EMAs which are fanned apart during yesterday’s session.
The bears made a progressive movement to the south at $81.932 in the support area as the 4-hourly session opens today.
The bulls gradually road to the market and increase the price to $82.076 in the resistance area.
The bulls lost the momentum after which the sellers return and drop the market price of AUDJPY down to $81.630 in the support area.
The bears’ increased momentum further drops the price of the Yen down to $81.527 support level.
The price of AUDJPY is initially down at $81.490 support level below the two EMAs, this implies that the bears are already dictating the market.
The stochastic oscillator signal pointing down at level 2% 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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