The currency pair is in a bullish scenario but may decline soon.
Price pullback is pertinent at the current supply level.
AUDJPY Weekly Price Analysis – June 2
At the moment the AUDJPY market is in an upside, but may decline soon as the buying momentum seems to have been exhausted. Meanwhile, the pair might finish the upward rally and start reversing to the downside soon. If this is achieved, the target may be the $93.00 lower support level, resulting in an opportunity to sell for the sell traders.
AUDJPY Market
Key Levels:
Resistance levels: $102.00, $103.00, $104.00
Support levels: $93.00, $92.00, $91.00
AUDJPY Long-term Trend: Bullish
AUDJPY price is bullish on the daily chart. However, the price may decline soon as the market is already overbought. The buyers’ increased momentum to a $104.62 high level in the past few days has made it possible for the Yen price to remain firm above the supply levels in recent times.
The journey up north continues as the bulls make a pullback to the $104.64 high level above the moving average as the daily chart resumes. This is an indication of an uptrend.
However, the price may decline soon and the price of AUDJPY could start the bearish correction soon if the bears could add more effort to their selling pressure, the $93.70 previous support level might be tested soon.
Likewise, the market indicator is pointing up at around level 84% in the overbought region.
This shows that the currency pair is overbought already; this means that the sell traders will resume and the price may decline soon; thus target might be the $93.00 lower support level in days ahead.
AUDJPY Medium-term Trend: Bullish
The momentum on the medium-term time frame is also distinctly bullish. Nevertheless, it seems the bears will take over and the price may decline soon as we can see a new bearish correction in place above the supply levels.
The successful breakout by the bulls to the $104.12 supply value during the previous session has made it possible for the AUDJPY market to retain its bullish strength in its recent high.
Today, after updating the highs at the $104.64 level, the bears-in-road briefly dropped the AUDJPY price to a $104.46 support level above the moving average as the 4-hourly chart opens. This suggests that sellers are coming in a grand style; as a result, the Yen price may decline further.
The Yen is facing a slight increase in selling pressure and it could continue to decline if the $104.64 high level is put on hold and the bears could add more efforts to their selling motives, the $99.89 low level might be tested soon.
Hence, the AUDJPY price may decline further as shown by the daily signal pointing downwards. We therefore expect more strength from the bears and the price may likely decline to the $93.00 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.
Leave a Reply