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AUDJPY Price Dumps May Hit the $92.00 Lower Support Level

Johnathon Fox
12/03/2023 | UPDATED ON: 12/03/2023

AUDJPY price dumps may likely commence.
Sellers may dominate the market and dump prices below the supply levels.

AUDJPY Weekly Price Analysis – December 3
AUDJPY pair has been in an uptrend for a while, thus, it is about time for the Yen to commence its price dumps as we are seeing a doji candle in place which indicates a change in trend. The market price could turn downside if the sell traders should increase their selling pressure and close the daily chart below the $93.50 support value, and then there is a high probability of the price dropping down to its recent swing low which is $92.00 lower support level.

AUDJPY Market
Key Levels:
Resistance levels: $94.00, $95.00 $96.00
Support levels: $92.00, $91.00, $90.00
AUDJPY Price Dumps May Hit the $92.00 Lower Support Level
AUDJPY Long-term Trend: Bullish (Daily Chart)
AUDJPY market is having a bullish posture in its long-term outlook as can be seen from the chart above. Meanwhile, it also shows the impeding next dumps in the price.

The high impact from the bulls during yesterday’s session has sustained the Yen price above the supply level in its recent high. Nevertheless, it seems the bears will take over the price of AUDJPY soon and commence the down south momentum.

The market was propelled higher by the bulls with a doji candle at a $98.06 high point above the moving averages as the daily session commences today. This is an indication of a trend reversal.

Thus, should the bears increase their pressure, the support level of $93.01 may not hold and it may extend to the $92.78 previous low level and beyond.

Additionally, a divergence is noticed as the market price of AUDJPY now points down on the daily stochastic; this means that the price dumps may commence soon, while the bears are gathering momentum to commence the down south trip, with this trend, a breakdown is imminent.

If this is achieved, we can now expect the short traders to resume the down south momentum and the $92.00 lower support value might be the target in the days ahead in its long-term outlook.

AUDJPY Medium-term Trend: Bullish (4H Chart)
The AUDJPY pair is in a bullish momentum in its medium-term view. Meanwhile, the trend has just resumed its price dumps but has not yet reached its goal.
AUDJPY Price Dumps May Hit the $92.00 Lower Support Level
The sustained bullish pressure in the past few hours has retained the strength of the Yen above the supply trend levels in its recent price level.

Exhaustion sets in as sellers return briefly to commence the price dumps. Sellers dropped the price of AUDJPY down to a $97.80 low value above the EMA-50 as the 4-hour chart opens today. An indication of more pulls from sellers while the buying pressure is fading off gradually. This means that sellers are returning gradually into the market to stage a play.

Additionally, the price of the Yen pointing down in the overbought region of the daily stochastic indicates that the price dumps by sellers have just started. Thus, the price of AUDJPY might drop further to the $92.00 lower support value in the coming days in its medium-term outlook.

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.

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About Johnathon Fox

Johnathon is a Forex and Futures trader with over ten years trading experience who also acts as a mentor and coach to thousands and has written for some of the biggest finance and trading sites in the world.

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