The AUDJPY pair is in a bearish market in both outlooks
The price may revert upward soon.
AUDJPY Weekly Price Analysis – October 22
At the moment the AUDJPY pair is facing the downside; the Yen may revert upward soon as the selling pressure will soon be exhausted. Hence possible reversal is imminent at the current support level of $94.39. If this is achieved, the target may possibly be the $98.00 upper resistance trend line.
AUDJPY Market
Key Levels:
Resistance levels: $93.00, $94.000 $95.000
Support levels: $91.000, $90.000, $89.000
AUDJPY Long-term trend: Bearish
The AUDJPY pair is in a downward move in its long-term perspective as can be seen undeniably from the daily chart above. Prices can be seen below the EMA-50 indicating a bearish trend. Thus, this may revert upward soon as shown by the daily signal pointing up.
The sustained bearish pressure at the $94.78 low value during the previous session had made the Yen price drop below the supply level in its recent low.
The journey down south continues as the daily chart opens today with a bearish candle at the $94.53 support value below the supply moving average lines. This is an indication of a more bearish impact on the currency pair.
The impulse move from sellers further dropped the price of the Yen down to the $94.39 support level as at the time of writing this article. Should the bulls change their orientation and exchange hands with the short traders at the mentioned support value, the pair may likely revert and face the upside to retest the $97.57 previous high mark.
In support of that, the AUDJPY pair may revert upward soon as indicated by the daily stochastic which is pointing upwards, this means that the selling pressure may end soon and price rejection is imminent at the $94.39 low level. This will bring the emergence of the long traders to the market to resume the bullish trend, if this is achieved, the $98.00 resistance value might be the target in the near days in its long-term scenario.
AUDJPY Medium-term trend: Bearish
The momentum on the medium-term time frame is also distinctly bearish. Nevertheless, it seems the bulls will revert upwards and take over the price of AUDJPY soon as the market now trades at the oversold region.
The bearish pressure at the $94.60 support value during yesterday’s session has contributed to its downward trend in its recent low price.
Today’s 4-hour chart opens with a bearish candle at the $94.53 support value below the two EMAs. This suggests that the sellers’ inflow is higher and more active in the market at present.
Hence, if the buy traders could increase their tension the Yen price could revert upwards and break above the $96.92 previous supply trend line; this will encourage the market participants to witness a new recovery rally to the upper high level.
Additionally, we have a bullish bias that the AUDJPY price will revert upwards soon as the market is oversold already.
This implies that the selling pressure is ending soon and there may be a potential rise in the price of the Yen which might possibly reach the $98.00 supply level in the coming days in its medium-term outlook.
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