The currency pair anticipates a possible reversal at the $95.91 support level.
Price pullback is pertinent at the current support level.
AUDJPY Weekly Price Analysis – December 8
At the moment, the AUDJPY market is facing downsides. Meanwhile, the pair anticipates a possible reversal at the $95.91 current low value as the market is oversold. Hence, the Yen price might finish the downward correction and start reversing soon. If this is achieved, the potential rally could surge to hit the $109.15 peak value and extend to reach the $115.00 upper resistance value, offering the long traders an opportunity to buy.
AUDJPY Market
Key Levels:
Resistance levels: $100.00, $101.00, $102.00
Support levels: $95.00, $94.00, $93.00
AUDJPY Long-term Trend: Bearish (Daily)
AUDJPY’s price anticipates a possible reversal as it reaches the oversold region in its long-term outlook. The pair is trading below the EMA-50, confirming its bearishness. However, the current trend will soon be nullified as the market is already oversold and the selling pressure will be subsided.
The sustained bearish pressure at the $95.89 support value in the past few days has enabled the currency pair to drop below the supply level in its recent low.
The price of AUDJPY at the $95.91 low value below the EMA-50 as the daily chart opens today suggests a possible reversal as the selling pressure is about to end.
Thus, if buyers eventually wrestle trend control from sellers and rebound from $95.91 support, a positive breakout above $109.15 is needed to confirm the potential Bull Run.
Meanwhile, a price reversal at the mentioned support as the market indicates oversold conditions on the daily stochastic, suggesting that the selling pressure on AUDJPY may be subsiding, potentially leading to a possible reversal if buyers step in.
As a result, the upcoming bullish rally may break the $109.15 high level to hit the $115.00 upper supply value in the coming days in the long-term outlook.
AUDJPY Medium-term Trend: Bearish (4H)
The medium-term chart of AUDJPY suggests a possible reversal as the market selling pressure seems to have been exhausted. The Yen price is below the supply levels, denoting a bearish trend. Nevertheless, the bulls will soon take over the price of AUDJPY and push us higher as the market now trades in the oversold region.
Today’s 4-hourly chart opens with a bearish candle at the $95.91 support value below the EMA-50, suggesting a possible reversal as the selling pressure is about to end.
If a renewed surge in buyers’ interest occurs, the Yen price might reverse to hit the $102.36 peak value, potentially leading the market price toward the upper resistance level.
Next, the AUDJPY pair is in an upward direction at the oversold region of the daily stochastic, therefore, if additional selling power is prevented, a post-retest rally may drive the prices high to hit the $115.00 upper resistance value in the coming days in its medium-term time frame.
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