AUDJPY: Price Might Head To $93.134 Resistance Level

The upward move still dominates the medium-term outlook while the long-term outlook is bearish.
The pair is slightly going in favor of the bulls.

AUDJPY Weekly Price Analysis – May 15
Should the bulls increase their momentum and also the support level at $88.369 holds, the resistance level of $93.134 may be retested.

AUDJPY Market
Key Levels:

Resistance levels: $89.650, $89.700, $89.750
Support levels:     $87.450, $87.400, $87.350

AUDJPY Long-term Trend: Bearish. The AUDJPY pair is bearish on the daily chart. Clearly shown here on the chart, the price is quite below the moving averages. The bears’ pressure on the currency pair at the $87.302 support level further led to a decrease in the price of the Yen during yesterday’s session after which the bulls took over.

The buyers are in-road to the market and make a progressive movement to the north at the $87.918 resistance level as the daily session opens today.

The market value of AUDJPY further increases to the $89.652 resistance level as the journey up north continues.

Activities from the bulls now push the initial market price of the Yen up at the $89.714 resistance level below the two EMAs at the time of writing this article, this suggests that the momentum in the price of the Yen is in a downtrend and buyers are trying hard to hinder the immediate downsides.

Meanwhile, the momentum indicator is pointing up at around level 33% in the oversold region, a further downward is unlikely as the market has reached the oversold region. The pair will resume an upward trend as we expect the buyers to move the price up to $95.134 significant level in the days ahead in the long-term perspective.

AUDJPY Medium-term Trend: BullishOn the 4-hour chart, the currency pair is in an uptrend. The pair faces rejection at the $88.587 resistance level as the 4-hourly chart opens today and resumes an upward move.

Activities from the buyers further move the market value of the pair up to $89.667 as the move up north continues.

The market price of AUDJPY is currently up at $89.714 resistance level above EMA-9 and below the EMA-50, an indication that the bulls are struggling to be in control of the market at the moment as the sellers are seeing getting weaker.

Also, the daily stochastic pointing upwards at around level 53% in the oversold region is an indication of upward momentum in the price of the Yen, and may likely remain in the same direction in the nearby days in its medium-term perspective.

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