AUDJPY: Price Is Dropping and This May Continue

The currency pair is going in favor of the bears now.
Price continuation to the downsides is pertinent.

AUDJPY Weekly Price Analysis – October 29
At the moment the AUDJPY market is dropping and this may continue. The pair is facing the negative side, if the $92.78 support level is broken down; the market price may depreciate to a low at the $90.25 price level as the bears aim to drag the market price to the lower support level of $80.00.

AUDJPY Market
Key Levels:
Resistance levels: $94.00, $95.00, $96.00
Support levels: $92.00, $91.00, $90.00

AUDJPY Long-term Trend: Bearish
Despite the interference of buyers in the price flow, the daily chart market shows that the AUDJPY price is dropping and this may continue. The price can be seen slightly below the EMA-50, indicating that the bears are regaining market strength.

The sustained bearish pressure at the $94.76 support value in the past few days has pushed the Yen price below the supply levels in its recent low.

The journey down south continues as the bears further pushed the price of the Yen down to the $94.67 support value below the EMA-50 as the daily chart opens today as sellers continue to dictate the market at the moment.

Amid renewed selling momentum, if the sell traders increase their tension in the market the
price of AUDJPY may likely challenge the previous low at $90.25 level which will further put the pair on a sell side.

Adding to that, the currency pair may continue dropping and this may continue as indicated by the daily stochastic which is pointing down; this means that the selling pressure will continue and this might get to the $80.00 lower support level in the days ahead in its higher time frame.

AUDJPY Medium-term Trend: Bearish
On the 4-hour chart, the pair is also dropping below the EMA-50 and this may continue. The price movement of AUDJPY is currently seen to be in the bear’s direction in the medium-term outlook.

The strong push by the bears to the $94.86 supply trend level during the past session has contributed to its bearishness in its recent low.

Today’s 4-hour chart opens with a bearish candle at the $94.67 support value below the EMA-50. This suggests that the sellers’ inflow is higher and more active at present. Additional efforts by the sell traders could drop the AUDJPY price further to retest the $ 93.01 previous support level.

Notably, the daily stochastic which is pointing down suggests that the pair is dropping and this may continue. We therefore expect more strength from the bears and this might likely reach the $80.00 lower support level 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.