AUDJPY: Price Is Trending Downwards and This May Continue.

AUDJPY is facing an increase in selling pressure and may continue in the same direction if it breaks $78.244.
Overall market sentiment regarding the pair remains bearish.

AUDJPY Weekly Price Analysis – September 19
The breakup of the $78.244 level by the bears may decrease the price to $77.500 support level.

AUDJPY Market
Key Levels:

Resistance levels:  $84.000, $84.100, $84.200
Support levels:      $79.800, $79.700, $79.600

AUDJPY Long-term Trend: BearishAUDJPY still trades in a downtrend in its long-term perspective. The bears’ pressure on the currency pair at $79.967 at the support area further led to a decrease in the price of the Yen during yesterday’s session.

The bears make a progressive movement to the south at $79.967 with a touch at the EMA-9 in the support area as the daily session opens today.

The price of AUDJPY further drops to $79.862 at the support area below the two EMAs, an indication of a downward trend in the context of the strength of the market.

The stochastic oscillator signal pointing downwards at around level 13% in the oversold region suggests a downward momentum in the price of AUDJPY in the long-term, which indicates a sell signal.

AUDJPY Medium-term Trend: Bearish AUDJPY continues in a downtrend market in its medium-term outlook. Just like usual the Yen’s price is coming down as we can see from the 4-hourly chart.

Today’s 4-hourly opening candle at $80.012 in the resistance area is bullish as the bulls return briefly and managed to push the price further up to $80.507 in the resistance area.

The bulls lost momentum as the sellers’ in-road to the market and drop the price of the currency pair down to $80.262 in the support area.

The journey down south continues as the bear’s further drop the price of AUDJPY down to $79.885 in the support area.

The price of AUDJPY is initially down at $79.849 below the two EMAs in the support area, an indication of more sellers present in the market.

Thus, the stochastic signal pointing down at level 68% in the overbought region suggests the momentum in the price of the Yen might likely remain in the same direction in the days ahead, in this case, a downtrend in the medium-term.

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