The currency pair is in a bearish scenario.
Price pullback is pertinent at the current support level.
AUDJPY Weekly Price Analysis – July 9
AUDJPY is facing the negative side at the moment. The market price is very bearish and breakout is imminent at the $94.756 current support level. Meanwhile, the pair might finish the downward correction and start reversing soon. If this is achieved, the target may possibly be the $98.000 upper resistance level.
AUDJPY Market
Key Levels:
Resistance levels: $95.000, $96.000 $97.000
Support levels: $90.000, $89.000, $88.000
AUDJPY Long-term Trend: Bullish (Daily Chart)
AUDJPY’s price is bullish. The market still trades above the EMA-50 but below the EMA-9; this affirms its bullish race in its long-term outlook.
Pressure from the bulls at the $96.829 high value in the past few days has sustained its upward stability in its recent high.
The sell traders made their way into the market and dropped the price value of AUDJPY down to a $94.756 low level below the supply levels as the daily chart opens today. This means that the momentum is in an uptrend and the bulls remain dominant at the present.
With this trend, a breakout by the bulls is imminent. Hence, staying above the supply levels indicates a strong possibility for a bullish correction. A strong breakup above the $97.570 resistance point would strengthen the bullish pressure.
However, the bulls are also preparing for their hike race while the market indicator shows that the currency pair is oversold already; this means that the buy traders will resume the bull race and the target might be the $98.000 supply mark in the days ahead.
AUDJPY Medium-term Trend: Bearish (4H Chart)
The momentum on the medium-term time frame is also distinctly bearish as can be seen from the chart below. Nevertheless, it seems the bulls will take over the price of AUDJPY soon and push us higher as the market now trades at the oversold region.
The bearish pressure at the $95.252 support level in the past few hours has made the coin stay below the supply trend levels in recent times.
Today’s 4-hourly chart opens with a bearish candle at $94.991 which further dropped the price of the Yen down to the $94.681support value below the two EMAs. This suggests that the sellers’ inflow is higher and more active at present.
With the overall market trend still bearish, the AUDJPY price may likely reverse at the mentioned support to plunge higher and retest the high accumulation zone of $97.570.
Adding to that, the Yen is pointing down around level 9% of the daily stochastic. It indicates that the market has reached the oversold region, and because of that the pound is rising to the upside soon, in light of this, the price of AUDJPY might reach the $98.000 upper resistance value in the days ahead in the medium-term perspective.
Therefore, buyers may wait for this action to occur before taking their position as desired.
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