AUDJPY: Price Might Slip Beneath $89.645 Support Level Soon

Both the long-term and the medium-term are in the bullish market zone.
Buyers still dominate the market slightly.

AUDJPY Weekly Price Analysis – April 17
At the moment the AUDJPY faces the negative side as the bears aim to drag the market price down to the $87.302 support level.

AUDJPY Market
Key Levels:

Resistance levels: $94.300, $94.350, $94.400
Support levels:    $89.600, $89.550, $89.500

AUDJPY Long-term Trend: BullishOn the daily chart, the currency pair is in a bullish market. The sustained bullish pressure pushed the currency pair up to the $94.382 resistance level during yesterday’s session and sustained it.

The bulls lost the momentum, as the daily chart opens today with the formation of a bearish candle at the $94.294 support level as the sellers begin to dictate the market at the moment. The market value has been dropping due to the bearish impact at the present.

Activities from the bears drop the market price of AUDJPY down to the $94.271 support level as it journey down south.

The market value of AUDJPY is initially down at the $94.103 support level above the two EMAs, an indication of an upward trend in the context of the strength of the market, likewise, the bulls are getting weaker gradually in the market at the moment.

Meanwhile, the momentum indicator pointing down at around level 96% in the overbought region implies that the price action might continue downward as we expect the price distribution to drop to the $87.302 support level in the days ahead of its long-term perspective.

AUDJPY Medium-term Trend: BullishThe momentum in the medium-term time frame is also bullish. The sustained bullish pressure pushed the pair further up at the $94.382 resistance level after which the sellers returned and dropped the market price down to the $94.269 support level and sustained it before the end of yesterday’s session.

Today’s 4-hourly chart opens with a bearish candle at the $94.269 support level as the sellers aim to drag the market to the downside.

The bulls in-road briefly and move the price action of AUDJPY up to the $94.547 resistance level after which the sellers resume and drop the price of the Yen.

The market value of the currency pair is now down at the $94.227 support level which is above the two moving averages which are wide open; this implies an uptrend in the context of the strength of the market.

Hence, the signal of the stochastic oscillator pointing down at around level 88% in the overbought region, suggests that AUDJPY 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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