AUDJPY: Price Could Begin to Drop

The AUDJPY price could begin to drop as the bears are gathering momentum.
The bulls are still dominating the market at the moment.

AUDJPY Weekly Price Analysis – September 1

The AUDJPY pair is showing signs of weakness, and the price could begin to drop as the sell traders gather momentum to resume the down south movement. Meanwhile, if the selling power increases, the pair might finish the upward correction and start the downward trend soon. If this is achieved, the target may be the $90.13 previous low, extending further to the $88.00 lower support level, suggesting a selling opportunity for the short traders.

AUDJPY Market
Key Levels:
Resistance levels: $96.00, $97.00, $98.00
Support levels: $90.00, $89.00, $88.00

AUDJPY Long-term Trend: Bearish (Daily Chart)

AUDJPY’s price is bearish. The market price could begin to drop as the pair trades below the supply levels, affirming its bearish race in its long-term outlook.

The sellers increased momentum to a $97.66 low value in the last few days has made it possible for the price to remain below the supply levels and could begin to drop at its recent price level.

The market value of AUDJPY at the $98.97 high level below the EMA-50 as the daily session begins today is bearish, suggesting the price could begin to drop if the bears could wrestle with the bulls and push the price down, a sustainable drop to retest the $90.13 previous support level could be attained, indicating a potential drop in the Yen price.

Hence, more drops are possible, as indicated by the momentum indicator pointing in a downward direction, indicating that the price of AUDJPY could begin to drop and remain in a downtrend, reaching the $88.00 lower support level in the days ahead in its higher time frame.

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

AUDJPY is in a bullish trend in its medium-term outlook. The price bars can be sighted in red above the supply trend levels, indicating the price could begin to drop and continue.

The bullish momentum is slowed down today, as the bears dropped the AUDJPY price to a low of $98.80 above the moving average as the 4-hour chart resumes today, indicating that the price drop has just begun and could continue to drop.

Sellers’ activities further dropped the market price of AUDJPY to the $98.55 support mark as the bears aimed to continue with the price drops.

However, with the daily stochastic pointing downwards, the AUDJPY price could continue to drop, and the sell traders may likely continue with the trend.

Therefore, if the bears intensify their tension in the market and the prices break below the $90.11 support trend line, a bearish trend continuation to the lower support of $80.00 is possible soon as the price begins to drop in the medium-term perspective.

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