AUDJPY: Price Anticipates an Increase Soon

The currency pair anticipates an increase soon as it faces the downsides.
Price pullback is pertinent at the current support level.

AUDJPY Weekly Price Analysis – November 17

Currently, the AUDJPY market is facing downsides. Meanwhile, the Yen price anticipates an increase as soon as the selling pressure is about to end. Hence, the pair might finish the downward correction and start reversing soon. If this is achieved, the next target by the bulls may be the $109.15 peak barrier and extend towards the $115.00 upper resistance levels, resulting in a buying opportunity for long-term traders.

AUDJPY Market
Key Levels:
Resistance levels: $100.00, $101.00, $102.00
Support levels: $90.00, $89.00, $88.00

AUDJPY Long-term Trend: Bullish (Daily Chart)

Despite the interference from the sell traders, the AUDJPY price remains bullish and anticipates an increase soon as the price drops above the moving average line in its long-term outlook. The market price is above the EMA-50, affirming it is in a bullish scenario.

In the past session, the bulls’ increased momentum to a $101.16 high level has sustained the AUDJPY price above the supply levels in its recent low.

However, the AUDJPY price anticipates an increase soon as the bears drop the Yen price to a low at $ 100.36 above the EMA-50 as the daily chart commences today. Staying above the supply levels will lead the bulls to increase to the upside.

Thus, if the bulls add more effort to their buying pressure, the Yen price will rebound from the $100.36 current support to hit the $101.15 prior high level, suggesting a robust upward trajectory.

However, the bulls are also anticipating an increase soon, while the market indicator shows that the currency pair is approaching the oversold region, implying that the selling pressure will subside soon.

As a result, a price pullback is imminent, and this may drive the AUDJPY price to reach as high as the $115.00 upper high level in the coming days as the price anticipates an increase soon in its higher time forecast.

AUDJPY Medium-term Trend: Bearish (4H Chart)

The momentum on the medium-term time frame is distinctly bearish. Nevertheless, the AUDJPY price anticipates an increase soon as the market is already oversold. 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.

Today’s 4-hourly chart opens with a bearish candle at the $100.36 support value below the EMA-50, indicating the AUDJPY pair is in a bearish scenario, suggesting that the short traders’ inflow is higher and more active at present.

Meanwhile, the Yen price anticipates an increase as the market selling pressure seems exhausted. Therefore, if the bulls could change their orientation and exchange hands with the sell traders at the $100.36 current support level, the currency pair may experience a reversal and increase to hit the $102.36 previous high mark, indicating a significant upward trend.

Hence, the AUDJPY price anticipates an increase as indicated by the daily stochastic pointing up at the oversold region. Therefore, we expect an upside reversal soon, and this might reach a high at the $115.00 level in the coming days as the pair anticipates an increase soon in its medium-term view.

Note: Forexschoolonline.com is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results.