AUDJPY: Declining And Facing More Downsides

AUDJPY price now trades below the EMAs at a level of $83.638 in the resistance area.
The bears seem to be in control of the market

AUDJPY Weekly Price Analysis – July 4
AUDJPY price slips back beneath 9days EMA as bears looking to gain market momentum.


AUDJPY Market
Key Levels:

Resistance levels:  $84.000, $84.100, $84.200
Support levels:      $80.500, $80.400, $80.300

AUDJPY Long-term Trend: BearishThe AUDJPY pair is in a downtrend in its long-term perspective. . The impulse move by the bulls move the trend of AUDJPY up to $83.350 in the resistance area before the close of yesterday’s session.

Today’s daily chart opens at $83.269 in the resistance area as the buyers manage to sustain the trend.

The price of AUDJPY is initially up at $83.638 below the two EMAs in the resistance area, an indication of downward momentum in the price of the pair.

Hence, the stochastic signal pointing up at around level 43 % in the oversold region is an indication that the AUDJPY pair may likely encounter a change in the trend in the days ahead, and in this case an uptrend.

AUDJPY Medium-term Trend: BullishOn the 4-hour chart, the currency pair is in an upward move. Pressure from the sellers pushed the price of the AUDJPY pair down to $83.257 in the support area before the close of yesterday’s session.

Today’s 4-hourly chart opens with the formation of a bearish doji candle at $83.319 in the support area. An indication of a trend reversal. Price further drops down to $83.061 in the support area.

The bulls return briefly and move the price of AUDJPY up to $83.425 in the resistance area. Activities from the bulls further move the price up at $83.461 in the resistance area.

Price is initially up at $83.638 above the two EMAs in the resistance area this indicates that buyers are on track.

The signal of the stochastic oscillator pointing up at around level 71% in the overbought region implies upward momentum in the price of AUDJPY in the medium term.

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