AUDJPY : Drops Sharply, Uptrend Likely To Resume

The AUDJPY pair now trades at the support area.
The bears may continue the journey to the lower support area.


AUDJPY Weekly Price Analysis – August 8
AUDJPY finds support at $81.014, bulls may take over.


AUDJPY Market
Key Levels:

Resistance levels:   $85.000, $85.010 $85.020
Support levels:       $80.010, $80.005, $80.000

AUDJPY Long-term trend: BullishAUDJPY still remains in a bullish zone in its long-term outlook. The bulls made a progressive movement to the north with a touch at the 9-EMA and stayed above it at $81.353 in the resistance area as the high attained by the pair on the 5th of August.

Today’s daily chart at $81.202 in the support area opens on a bearish note.

AUDJPY further drops to $81.014 in the support area above the EMA-9; this implies an uptrend in the context of the strength of the market.

Meanwhile, the stochastic oscillator signal pointing up at around level 60% indicates the momentum in the price of the Yen is in an upward trend and may continue in that trend 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 $81.202 in the support area during yesterday’s session.

The journey downwards continues as the 4-hourly chart opens today at $81.215 in the support area.

Buyers return briefly and move the price of AUDJPY up to $81.356 with a bullish inverted hammer candle, an indication of a trend reversal.

Bears resume afterward and drop the price of the Yen down to $ 81.022 in the support area.

AUDJPY is initially down at $81.014 below the EMA-9 in the support area, this indicates that sellers are dictating the market at the moment.

However, the stochastic oscillator signal pointing downwards at around level 65% suggests that the price of AUDJPY may likely continue in the same direction in the nearby days in the medium-term.

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