AUDJPY: May Resume Selling Pressure Soon

Upward pressure still dominates both the long-term and medium-term time frames.
The currency pair could still decrease despite its positive moves.


AUDJPY Weekly Price Analysis – March 13
The price may depreciate if the daily candle closes below the $84.307 level, the support levels of $83.808 and $83.099 may be the target.

AUDJPY Market
Key Levels:

Resistance levels:   $85.750, $85.850 $85.950
Support levels:       $83.800, $83.750, $83.650

AUDJPY Long-term Trend: BullishThe currency pair is in an upward move in its long-term perspective as can be seen undeniably from the daily chart. The impulse move to the $85.535 upper resistance level during yesterday’s session sustains the bullish momentum and maintained it.

The daily chart opens today with a bullish inverted pin bar candle at $85.426 upper resistance level, an indication of a trend reversal.

The market price of AUDJPY further rises to $85.475 resistance level area as the journey up north continues.

Activities from the buyer move the price of the Yen up to $85.890 upper resistance level which is above the two EMAs as at the time of writing this article, an indication of an uptrend in the context of the strength of the market.

The Yen is above 80% of the daily stochastic. It indicates that the market has reached the overbought region, because of that the AUDJPY pair is expected to commence a bearish move soon in its long-term perspective.

AUDJPY Medium-term Trend: BullishOn the 4-hour chart, the currency pair is in an upward trend zone. The sustained bullish pressure pushed the pair further up at the $85.495 resistance level after which the sellers returned and dropped the market price down to the $85.283 support level before the end of yesterday’s session.

Today’s 4-hourly chart opens with a bullish candle at $85.661 resistance level with its wick touching the EMA-9.

The bulls lost momentum while the sellers’ in-road into the market drop the market price of AUDJPY down to $85.526 support level.

The impulse move by the bears further drops the market value of AUDJPY down to $85.410 support level above the EMA-9, this suggests an upward movement in the price of the currency pair.

A further downward is likely as the momentum indicator points down in the overbought region of the daily stochastic at around level 75%. The price is expected to continue its falling pressure in its medium-term outlook.

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