AUDJPY: Price May Reverse At $83.772 Resistance Level

The Yen is facing more pressure from the bulls.
The currency pair could still decrease despite slight moves from the buyers.


AUDJPY Weekly Price Analysis – February 27
In case the resistance level of $83.619 holds, the price may reverse and face the support levels at $82.421, $82.334, and $81.982.

AUDJPY Market
Key Levels:

Resistance levels:   $83.600, $83.750 $83.850
Support levels:        $82.400, $82.250, $82.100

AUDJPY Long-term Trend: BullishThe momentum on the long-term outlook is in an upward move as can be seen from the daily chart now. The impulse move from the bears to $82.010 support level with its wick breaking the Ema-50 affirms the seller’s presence in the market during yesterday’s session before the buyers return today.

The formation of the long bullish candle at $82.719 resistance level with its wick touching the EMA-50 as the daily session opens today, affirms the bulls’ presence in the market.

Increase momentum by the bulls moves the market price of AUDJPY up to $83.514 resistance level as it journeys up north.

The market price of the Yen is initially up at $83.619 resistance level above the two EMAs; this implies that the price of AUDJPY is in control of the bulls; therefore it’s in an uptrend.

The signal from the stochastic oscillator pointing upwards at around level 80% in the overbought area suggests the momentum in the price of AUDJPY is in an uptrend. This may compel the selling pressure to resume in the nearby days in the long term.

AUDJPY Medium-term Trend: BullishThe price movement is currently seen to be in the bull’s direction in the medium-term outlook. The bulls made a progressive movement to the north at $82.968 in the resistance area breaking the two EMAs which crossed each other during yesterday’s session.

The price action rises significantly to the $82.799 resistance level as the 4-hourly chart opens today.

The buyers’ activities further move the market price of AUDJPY further up to $83.548 resistance level with a long bullish candle.

The momentum lost as the bears return briefly and drop the price of AUDJPY down to $83.314 support level, the bears lost the momentum and the bull’s in-road and move the market price up to $83.608 resistance level above the two EMAs; an indication of more buyers present in the market at the moment.

The stochastic signal which is pointing upwards at around level 80% in the overbought region also indicates that the price of AUDJPY is in an uptrend, more so sellers are expected to emerge to drop the price of the Yen in the nearby days in the medium-term.

Therefore, sellers may wait for this action to occur before taking their position as desired.

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.