The AUDJPY pair is in a bullish market in both outlooks.
Buyers may have a temporal dominance in the market as the buying pressure is exhausted.
AUDJPY Weekly Price Analysis – May 21
At the moment the AUDJPY pair is in an upward move; a possible reversal is imminent at the current resistance level of $92.353. Meanwhile, the pair might finish the bullish trend pattern and start reversing soon as the market is already overbought. If this is achieved, the target may possibly be the $75.000 lower support trend line.
AUDJPY Market
Key Levels:
Resistance levels: $94.000, $95.000 $96.000
Support levels: $86.000, $85.000, $84.000
AUDJPY Long-term trend: Bullish
The AUDJPY pair is in an ascending channel in its long-term perspective as can be seen undeniably from the daily chart. The price bars are seen above the supply trend levels indicating bullish momentum. Thus, the bears may likely turn around the trend soon as the Yen market seems to be overbought.
The sustained bullish pressure at the $91.895 value during yesterday’s trading had made it capable for the price to remain in an upward trend in its recent high.
The journey up north continues as the daily chart opens today and increases the AUDJPY pair to the $92.353 supply value above the moving average lines. This is an indication of a more bullish impact on the currency pair.
Should the bears change their orientation and exchange hands with the long traders at the mentioned supply value, the pair may likely reverse and face the downside.
However, the buying pressure is exhausted and price rejection is imminent at the $92.353 high level as indicated by the daily stochastic which is pointing up at around level 95% in the overbought region. This will bring the emergence of sellers to the market to resume the bearish trend, if this is achieved; the $75.000 lower support value might be the target in the nearby days in its long-term scenario.
AUDJPY Medium-term trend: Bullish
The momentum on the medium-term time frame is also distinctly bullish. The pair is currently trading above the two moving averages. 
Nevertheless, it seems the bears will take over the price of AUDJPY soon and drop the pair down as the market now trades at the overbought region.
The bullish pressure at the $91.895 supply value during the previous action has contributed to its upward trend in its recent low.
The bulls successfully pushed the pair up to the $92.320 supply level after which the bears overrode this and dropped the price of AUDJPY down to the $92.224 support value above the two EMAs as the 4-hourly chart opens today. This suggests that sellers are returning to the market gradually to stage a play.
Hence, we have a bearish bias that the AUDJPY price will continue the bearish trend as the market is pointing down in the overbought region; this means that the buying pressure is exhausted.
Thus, if the selling pressure should increase there may be a potential dump in the price of the AUDJPY and this might possibly retest the previous low at $87.995 level which could extend the Yen price to hit the $75.000 low support level in the coming days in its medium-term outlook.
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