AUDJPY: Price May Break down $89.086 Support Level

The pair looks bearish in the long-term outlook and bullish in the medium-term outlook.
The currency pair could still decrease despite its minor positive moves.

AUDJPY Weekly Price Analysis – May 22
AUDJPY price may fall further if the bears’ pressure increases and this may push the price down to $89.086 and $87.302 support levels.

AUDJPY Market
Key Levels:

Resistance levels: $90.100, $90.150 $90.200
Support levels:      $89.100, $89.050,$89.000

AUDJPY Long-term Trend: BearishOn the daily chart, the AUDJPY pair is trading below the moving averages, which means that it’s in a bearish trend zone. The bulls were able to move the price of the Yen up to the $90.069 resistance level during yesterday’s session and sustained it.

The formation of a bullish doji candle at the $90.069 resistance level affirms the presence of the buyers also an indication of a trend reversal as the daily chart opens today.

The buyers move the market value of the AUDJPY a bit up to the $90.089 resistance level.

The market price of the Yen is initially up at the $90.695 resistance level below the two EMAs which are glued together; an implication that the price of AUDJPY is in a downtrend.

Likewise, the Yen is pointing down around level 37% of the daily stochastic approaching the oversold region. It indicates that the price action is in control of the bears at the moment and may likely continue in the same direction in the nearby days in its long-term perspective.

AUDJPY Medium-term Trend: BullishThe AUDJPY currency pair is trading in the bullish trend zone in its medium-term outlook. The sustained bearish pressure dropped the pair further down at the $89.070 support level after which the buyers returned and pushed the market price up to the $90.254 resistance level and sustained it before the end of yesterday’s session.

Today’s 4-hourly chart opens with a bullish doji candle at the $89.787 resistance level, an indication of a trend reversal.

The bulls’ reactions to the market further move the price of AUDJPY up at the $90.601 resistance level.

The bulls lost the momentum while the sellers’ in-road into the market drops the market price of the Yen down to the $89.520 support level after which the bull returns briefly again and moves the price up.

The market Price of AUDJPY is initially up at a $90.168 resistance level below the EMA-50 and above the EMA-9, this indicates a slight weakness in the strength of the bulls.

The signal of stochastic oscillator signal points up at around level 68% approaching the overbought region. It suggests that AUDJPY is in an uptrend and may commence bearish movement soon i.e the days ahead in the medium-term. Sellers may wait for this action to commence before taking a position in the medium term.

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