AUDJPY: Preparing For Next Bullish Trend, a Breakout Imminent

The pair is in a bearish trend in its overall outlook.
Sellers are in control of the market at the present. Traders may consider selling with a bearish reversal candle stick pattern as confirmation.

AUDJPY Weekly Price Analysis – November 21
Should the support level of $82.397 holds, the price may reverse and face the resistance levels of $83.102, $83.258, and $83.802.

AUDJPY Market
Key Levels:

Resistance levels:    $83.350, $83.450, $83.500
Support levels:         $78.000, $77.000, $76.000

AUDJPY Long-term Trend: BearishThe currency pair is in a bearish trend zone in its long-term outlook. The bulls increased momentum moved the price up to $83.258 in the resistance area, during yesterday’s session. Price at $83.102 in the resistance area remains the close of the day.

The momentum lost as exhaustion sets in with the formation of the bearish candle at $83.102 in the support area as the daily chart opens today.

The journey down south continues as the bears further drop the price of AUDJPY down to $82.397 in the support area.

The price of the Yen is initially down at $82.157 in the support area below the two EMAs, an indication of a downtrend in the momentum of the price of AUDJPY.

The stochastic signal pointing down at around level 6% in the oversold region suggests that the price of the Yen is in a downtrend and this will compel the buying pressure to resume in the long term.

AUDJPY Medium-term Trend: BearishToday’s 4-hourly opening candle at $83.203 in the resistance area is bullish as the bulls return briefly into the market. Looks like the price will want to bounce up again in the medium-term.

The buyers lost the momentum, the bear’s in-road, and drop the price of AUDJPY down to $82.536 in the support area with a long bearish candle breaking the EMA-9, as the journey down south continues.

The sellers further drop the price of the Yen down to $ 82.159 in the support area after which the buyers return briefly and move the price of AUDJPY up at $ 82.818 in the resistance area.

Activities from the sellers now drop the price of AUDJPY down at $82.397 in the support area below the two EMAs, an indication of a downtrend in the context of the strength of the market.

The stochastic signal pointing up at around level 19% in the oversold region suggests that the momentum in the price of AUDJPY will likely experience a change in trend and in this case an uptrend in the medium-term.

Thus, a buy signal.

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