AUDJPY – Possible Reversal to the Upside Is Imminent

The AUDJPY pair looks bullish in both outlooks and a possible reversal to the upside is imminent.
The selling pressure may soon be exhausted.

AUDJPY Weekly Price Analysis – March 24
At the moment the AUDJPY pair is facing the downside; a possible reversal is imminent at the daily current support level of $98.51. The pair might finish the downward correction and start reversing to the upside soon if the bulls could speed up their buying motives and exchange hands with the bears at the mentioned support. The target may be the $100.00 upper resistance trend line.

AUDJPY Market
Key Levels:
Resistance levels: $96.000, $97.000 $98.000
Support levels: $92.000, $91.000, $90.000

AUDJPY Long-term trend: Bullish
Despite the bears’ action on the AUDJPY pair, it remains in an uptrend. Although the Yen is facing the downside, a possible reversal to the upside is imminent in its long-term perspective.

The sustained bullish pressure at the $99.66 high value in the last few days has made it possible for the Yen price to remain above the supply levels in recent times.

The price drop to the $98.51 support level above the EMA-50 as the daily chart opens today, has no serious effect on the coin as the price remains in an uptrend.

Thus, a possible reversal and breakout from the $98.51 neckline will accelerate the buying momentum and push the prices higher to hit the $99.66 previous resistance levels. This will bolster more buying pressure on the crypto to the upper resistance levels

Additionally, the price of AUDJPY is approaching the oversold region, which means that a possible reversal to the upside is imminent soon; hence, buyers could therefore aim at the psychological level of $100.00 resistance value in the days ahead in its long-term perspective.

AUDJPY Medium-term trend: Bullish
The momentum on the medium-term time frame is also distinctly bullish. Nevertheless, a possible reversal to the upside is imminent, so it seems the bulls will take over the price of AUDJPY soon and push us higher as the market now trades at the oversold region.

The sustained bullish pressure to a $99.62 high level in the previous action has led to the Yen’s recent high.

The bears’ action plummeted the AUDJPY price to the $98.63 support level above the supply level as the 4-hourly chart resumes today which suggests an uptrend.

Hence, if the bulls increase their tension in the market, a possible reversal to the upside and breakout above the $100.17 mark with a 4-hourly candle closing will offer buyers a solid foothold to push the AUDJPY price higher.

Additionally, we have a bullish bias that the AUDJPY price will experience a possible reversal at the $98.63 low level as the market selling pressure seems to be exhausted. If the buying pressure should increase there may be a possible reversal in the price of the Yen and this might reach the $100.00 supply level in the coming days in its medium-term outlook.

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