AUDJPY: Possible Reversal at the $88.081 Support Level

The currency pair remains in a bearish market zone.
The bears may likely lose control over the market soon.

AUDJPY Weekly Price Analysis – March 19
At the moment the AUDJPY faces the negative side. Meanwhile, the Yen may experience a possible reversal at the $88.081 support level to resume its upside moves soon. Should the bulls push higher and close above the $98.388 resistance value, thus, a post-retest rally may drive the prices high to retest the previous high of $98.388 resistance trend level.

AUDJPY Market
Key Levels:
Resistance levels: $95.000, $96.000, $97.000
Support levels: $89.000, $88.000, $87.000

AUDJPY Long-term Trend: Bearish (Daily Chart)
AUDJPY is in a bearish move in its long-term outlook. The pair is trading below the supply trend levels and has confirmed its bearishness. The sustained bearish pressure in the last few days to the $87.349 support level has made the currency pair trade in a bearish trend zone.

The price of AUDJPY at the $88.297 low value below the two EMAs as the daily chart opens today is as a result of low bullish momentum.

An increase momentum from the bears further dropped the pair down to the $88.081 support mark below the two moving averages; this indicates a downward trend as the bears claims their authority over the market price at the present. If the bulls could push harder and return the Yen price above the $95.444 at the upside, further bearish thesis will be nullified.

Furthermore, there is a possibility for a price reversal at the mentioned support as the market now approaches the oversold region of the daily stochastic. This upcoming bullish rally may likely breakup the $95.444 previous high mark which might possibly hit the $98.388 supply value in the coming days in the long-term outlook.

AUDJPY Medium-term Trend: BearishOn the 4-hourly chart, the pair remains in a downward move. The price movement of AUDJPY is currently seen to be in the bears’ direction in the medium-term outlook.

The sustained bearish pressure moved the pair down to the$87.813 support level during yesterday’s session and sustained its price below the supply trend levels in its recent low.

The market price of AUDJPY which dropped to a $88.512 low level below the two moving averages as the 4-hourly session opens today suggests the high impact of the sell traders on the Yen.

Impulse move from the seller traders further dropped the price of the Yen down to the $88.246 support level below the two EMAs, this is an indication of a downward momentum. Should the bulls increase their buying pressure in the market the price may possibly reverse at the $88.246 to retest the previous high of $93.036 value.

Hence, the price of AUDJPY now approaches the oversold region of the daily stochastic, this indicates that the currency pair may soon encounter a change in the trend and in this case, a bullish trend. If this is achieved by the bulls, the Yen price could possibly reach the $93.036 resistance value in the days ahead in its medium-term outlook.

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