AUDJPY is preparing for the next bearish trend, breakdown is imminent.
The long traders may have a temporal control in the market.
AUDJPY Weekly Price Analysis – June 18
AUDJPY is on the higher side at the moment as the pair remains strongly bullish at the upper resistance area. The market price is overbought already, thus a breakdown is imminent very soon. Hence, additional effort by the bears could turn the Yen downside to retest the low of $86.058 which could extend the currency pair to hit the $81.24 lower support level and beyond, thus a sell signal.
AUDJPY Market
Key Levels:
Resistance levels: $95.000, $96.000 $97.000
Support levels: $89.000, $88.000, $87.000
AUDJPY Long-term Trend: Bullish
The AUDJPY pair is in a strong bullish trend zone in its long-term outlook. The pair now trades at the upper resistance zone.
The high impact from the bulls during in the past few days has really made and sustained the pairs’ bullish momentum in its recent high.
The buy traders made a strong push to the $97.261 supply value above the resistance trend level as the daily chart opens today. This is an indication of a strong bullish trend. With this trend, a breakdown is imminent as the market is now overbought.
If the bears could change their orientation and increase their selling motives, the pair might turn downside to retest the previous support level of $86.058.
In addition to this, the price of AUDJPY is pointing down in the overbought region of the daily stochastic. This indicates that the buying momentum might possibly end soon.
If this is achieved, we can now expect the short traders to resume the bearish runs, in light of this, the bears target could be the $81.24 lower support value in the days ahead in its long-term outlook.
AUDJPY Medium-term Trend: Bullish
On the medium-term outlook, the momentum is remains in an upward trend. The price of AUDJPY can be seen above the supply trend levels, indicating a bullish trend. 
The sustained bullish pressure pushed the pair up to the $96.726 supply value during yesterday’s session and has made the Yen trade above the supply trend levels in its recent high.
The bulls pressure on the Yen at the $97.261 supply value above the two EMAs as the 4-
hourly chart resumes today is an indication that the market price of the AUDJPY is at the disposal of the long traders at the moment. Thus, there is a possibility of a change in trend soon as the market value of AUDJPY is overbought already. A breakdown is imminent soon.
Additionally, the price of the AUDJPY is overbought. This indicates that the buying momentum will soon be exhausted. We can now expect the sell traders to resume the bearish trend pattern. Thus, the price of AUDJPY drop down to the $81.24 lower support value in the coming days in its medium-term outlook.
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