AUDJPY Price Could Slide Further

The currency pair could slide further as the bears continue to move the price downwards.
Sellers may dominate the AUDJPY market soon.

AUDJPY Weekly Price Analysis – July 14
Today, the AUDJPY price is dropping due to high order flow from the bears and could slide further. The Yen might slide further if the bears could add more strength to their potential selling and the market price drops below the $95.49 low mark. The downward correction might slide further to hit the $88.00 lower support level and beyond, resulting in a sell entry for the short traders.

AUDJPY Market
Key Levels:
Resistance levels: $105.00, $106.00 $107.00
Support levels:     $95.00, $94.00, $93.00

AUDJPY Long-term Trend: Bullish (Daily Chart)
AUDJPY pair has just resumed its bearish pressure and could slide further as the selling pressure mounts on the higher time frame. The momentum appears bearish, but it is beginning to turn bearish, as shown by the chart.

The high order flow from the bears to the $109.15 supply value in the last few days has enabled the Yen price to remain in an uptrend in its recent price level. However, the currency pair is set for downside moves and could slide further as the bears are returning gradually into the market.

The price drop to a $106.74 low mark above the resistance trend line as the daily chart opens today indicates an uptrend and the gradual return of the bears to the market to stage a play and could slide further.

Therefore, an increase in selling pressure could slide the AUDJPY price further to retest the previous low of $95.49, obtaining a higher footing to slide further.

Similarly, the underlying sentiment suggests more downsides in the coming days, as indicated by the daily stochastic pointing downwards. It is expected of sellers to push the price of AUDJPY down to a significant level at the downsides, and in this case, the price could slide down to reach the $88.00 lower support level in the coming days in the higher time frame.

AUDJPY Medium-term Trend: Bearish (4H Chart)
In the medium-term time frame, prices of AUDJPY are below the moving averages and could slide further, confirming its bearishness. The pair is in a smooth downtrend as can be seen from the chart below.

The sustained bearish pressure to a $106.99 low level in the previous session has made it easier for the pair to slide further and remain below the support level in its recent low.

The price of AUDJPY drops significantly below the resistance trend lines at the $106.75 low level as the 4-hourly chart begins today, suggesting a downward trend.

Hence, the pair could slide further if the bears should increase their selling momentum and this may lead to the retest of the $103.04 low mark, signaling a sell signal for the short traders.

Notably, the AUDJPY price could slide further, as indicated by the daily stochastic pointing downwards. We can expect more drops reaching the $80.00 lower support level in the days ahead in its medium-term perspective.

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