AUDJPY Prepares for a New Bearish Phase

AUDJPY is preparing for a new bearish phase
The currency pair may slide below the $80.00 lower support

AUDJPY Weekly Price Analysis – June 16
AUDJPY prepares for a new bearish phase after updating the bullish momentum. It is about time for the Yen to commence its low dips as a new bearish correction is currently in place. If the bears could put more aggression on the selling momentum, the Yen price may slide further to hit the $93.70 previous support level which might further drop down to the $80.00 lower support level, resulting in a good entry point for the sell traders.

AUDJPY Market
Key Levels:
Resistance levels: $100.00, $101.00 $102.00
Support levels:    $89.00, $88.00, $87.00

AUDJPY Long-term Trend: Bullish (Daily Chart)
The AUDJPY pair is preparing for a new bearish phase in its long-term outlook. Even though the Yen price still trades above the supply levels indicating a bullish trend, the bears are taking over soon, as a new bearish phase is taking place.

The high impact of the bulls at the $104.57 high mark in the past few days has sustained the pairs’ bullish momentum in its recent high. Nevertheless, it seems the bears will take over the price of AUDJPY soon and commence the new bearish phase as the buying pressure is exhausted.

As the daily chart begins today, bearish actions sent the AUDJPY price lower, reaching the $103.64 support level above the EMA-50. This means the bears are preparing for a new bearish phase.

However, a divergence is noticed as the market price of AUDJPY now points down in the overbought region of the daily stochastic; it means that the buying momentum has ended, while the bears are preparing for a new bearish phase and this may slide below the $93.70 low level which might drop further to reach the 80.00 lower support level in the coming days in its long-term outlook.

AUDJPY Medium-term Trend: Bullish (4H Chart)
On the medium-term outlook, the AUDJPY pair is in a bullish trend, preparing for a new bearish phase, following the completion of the bullish momentum.

The sustained bullish pressure at a $104.26 supply value during the last action has made the Yen price trade above the supply trend levels in its recent high.

Exhaustion sets in as sellers return briefly to commence the new bearish phase to a $104.04 support level above the moving average as the 4-hourly chart opens today. This means that sellers are returning gradually into the market to stage a play.

Thus, if the bears could push harder, the price of AUDJPY may slide further to retest the $102.61 low value to invalidate the bullish trend.

Additionally, the price of the Yen pointing down on the daily stochastic indicates that the new bearish phase has just started. As a result, the cost of AUDJPY might drop further to the $80.00 lower support value in the coming days in its medium-term outlook.

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