The currency pair might likely reach the overhead resistance soon.
The bears may have a temporal control
AUDJPY Weekly Price Analysis – December 25
The AUDJPY is preparing for an upward performance, and further upside is expected. Should the bulls increase their buying pressure to retest the $98.388 previous high, further selling actions will be hibernated which can lead the price of the Yen to the $100.000 high trend line and beyond.
AUDJPY Market
Key Levels:
Resistance levels: $93.000, $94.000, $95.000
Support levels: $90.000, $89.000, $88.000
AUDJPY Long-term Trend: Bearish
Analyzing the chart above, we can see that the AUDJPY is in a bearish market in its long-term outlook. The price bar can be seen below the moving average lines, which indicates a downward trend. Activities from the short traders at the $88.080 low value during yesterday’s session have made the currency pair remain in a bearish market zone and sustained it.
The bulls returned briefly and push the market price of AUDJPY up to $88.283 as the daily session resumes today. This suggests that the long trades are back into the market to move the Yen price up and dominate the market.
The journey up north continues as the bulls further pushed the price of the Yen up to the $89.292 supply mark below the moving averages. Therefore, should buyers push higher, a further bearish trend might be turned off and the Yen might rise further.
Additionally, the stochastic oscillator signal is pointing downwards, this suggests that further upsides are ahead. We, therefore, expect more gains from the bulls and this might likely reach a high at the $100.000 high level soon in its long-term view.
AUDJPY Medium-term Trend: Bullish
Despite the interference of sellers in the price flow, the medium-term chart market shows a bullish race. The price bars can be sighted above the EMA-9 approaching the EMA-50 indicating that the bulls are regaining market strength.
The bulls’ pressure on the pair at the $88.590 supply value at the close of yesterday has sustained the bullishness of the currency pair.
The pressure from the long traders pushed the price of AUDJPY up to the $89.271 supply value above the EMA-9 shortly after the commencement of the 4-hour session today. This was overridden by the bears as the price of the Yen now dropped down to the $89.097 support level Hence, staying above the supply trend lines makes it capable for the Yen to remain in a bullish trend and continue to rise.
This suggests that buyers’ inflow is higher and more active at the present.
Should the bulls prove stronger and change their pricing orientation, the currency pair might face the upsides and further increase to the $100.000 resistance trend mark in the coming days in its medium-term outlook.
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