AUDJPY is preparing for the next bullish trend, a breakup is imminent.
The sell traders may have temporal control in the market
AUDJPY Weekly Price Analysis – May 14
AUDJPY is facing the negative side at the moment. The market price could turn positive if the buy traders should increase their buying pressure and close the daily chart above the $95.444 supply value, then there is a high probability of the price going up to its recent swing high, which is the $98.388 level.
AUDJPY Market
Key Levels:
Resistance levels: $91.000, $92.000 $93.000
Support levels: $89.000, $88.000, $87.000
AUDJPY Long-term Trend: Bullish
The AUDJPY pair is in a bullish trend zone in its long-term outlook. The high impact from the bulls during in the past few days has really made and sustained the pairs’ bullish momentum in its recent low.
The sell traders made their way into the market and dropped the price value of AUDJPY down to a $90.177 low level as the daily chart opens today.
The impulsive move by the sellers’ further dropped the price of AUDJPY down to the $89.912 support level above the EMA-50, but below the EMA-9 approaching the lower support level; this means that the bears are getting weaker while the bulls are gradually coming into the market to stage a play. With this trend, a breakup is imminent.
In addition to this, the price of the Yen now approaches the oversold region of the daily stochastic. This indicates that the selling momentum might possibly end soon.
If this is achieved, we can now expect the buy traders to resume the upward runs, $98.388 previous swing high might be the target in the days ahead in its long-term outlook.
AUDJPY Medium-term Trend: Bearish
On the medium-term outlook, the momentum is in a downward trend. The sustained bearish pressure pushed the pair down to the $89.791 support value during yesterday’s session and has made the Yen trade below the supply trend levels in its recent low.
Exhaustion sets in as the bulls return briefly and push the price of AUDJPY up to a $90.132 resistance level below the two EMAs as the 4-hourly chart opens today. An indication of more pulls from buyers while the selling pressure is fading off gradually.
The impulsive move by the long traders further increases the price of AUDJPY up to the $90.265 supply level below the moving averages; this means that the bulls are returning gradually into the market to stage a play.
Additionally, the price of the Yen pointing up in the oversold region of the daily stochastic indicates that the buying momentum has just started. We can now expect the buy traders to resume the bullish trend pattern. Thus, the price of AUDJPY might extend to the $98.388 supply value in the coming days in its medium-term outlook.
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