AUDJPY: Price Slightly in Favor of the Bears

AUDJPY price now trades at $81.295 support level.

The bears seem to be in control of the market

AUDJPY Weekly Price Analysis – February 6
AUDJPY price slips back beneath 50-days EMA as bears look to gain market momentum.


AUDJPY Market
Key Levels:

Resistance levels:    $82.585, $82.730, $82.880
Support levels:        $81.500, $81.350, $81.150

AUDJPY Long-term Trend: BearishThe AUDJPY pair is in a downtrend in its long-term perspective. The impulse move by the bulls moves the trend of AUDJPY up to $82.284 in the resistance area before the close of yesterday’s session.

The sellers return briefly and drop the market price down to the $82.034 support level as the daily chart opens today.

The downward trend continues as the activities from the bear’s further drop the price of AUDJPY to $81.486 in the support area.

The market price of the Yen is initially down at the $81.295 support level which is below the EMA-50; this implies that the sellers are gathering momentum to dominate the market.

The AUDJPY pair which is pointing down at around level 43% of the daily stochastic approaching the oversold region, suggests that the momentum in the price of the Yen is in a downtrend and may likely remain in the same direction in the nearby days in its long-term.

AUDJPY Medium-term Trend: BearishOn the 4-hourly chart, the currency pair is in a downward move. Pressure from the sellers pushed the price of the AUDJPY pair down to $81.882 in the support area before the close of yesterday’s session.

The bulls return briefly and move the price of the currency pair up to $81.936 resistance level as the 4-hourly chart opens today.

Sellers inroad to the market briefly drops the market price of the Yen to $81.348 support level.

The momentum is lost as the bulls return into the market and move the price up to $81.586 which is below the two EMAs in the resistance area.

The stochastic signal pointing up at around level 20% in the oversold region indicates that more buyers are coming into the market sooner to push the price of AUDJPY up in the medium term.

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