AUDJPY : Price Is Trending Downwards and This May Continue

The overall outlook of the currency market is bearish in trend.
Bears remain dominant in the market.

AUDJPY Weekly Price Analysis – August 1

Should the bear’s increase their momentum, the support level at $80.013 may be retest.

AUDJPY Market
Key Levels:

Resistance levels:   $85.200, $85.205 $85.210
Support levels:        $79.460, $79.455, $79.450

AUDJPY Long-term Trend: BearishThe pair is in a bearish trend in its long-term perspective. The bear’s increase momentum dropped the price of the currency pair down to $80.751 below the two EMAs in the support area during yesterday’s session and sustains it.

The momentum from the sellers continues as the daily chart opens today at $80.928 in the support area.

The impulse move by the sellers further drops the price of AUDJPY down to $80.834 in the support area.

The price of AUDJPY is initially down at $80.452 in the support area below the two EMAs, an indication that the momentum is in a downtrend in the context of the strength of the market.

Meanwhile, the price of AUDJPY is in the oversold region of the daily stochastic pointing down at around level 33% in the oversold region. This indicates that the currency pair is in a bearish momentum in the long term.
Hence a sell signal.

AUDJPY Medium-term Trend: BearishOn the 4-hour chart, the pair is in a downtrend. The currency pair is now finding its way down as the bears gradually staging a return to the market.

A bearish doji candle at $80.937 in the support area opens today’s 4-hourly chart in the support area.

The journey down south continues as the bears drop the price of the currency pair down to $80.582 in the support area.

Price is initially down at $80.454 in the support area below the two EMAs, an indication of a downtrend in the context of the market.

However, the stochastic signal pointing down at around level 17% in the oversold region implies that the Yen is likely to further depreciate on the downside in the short term.

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