AUDJPY: Price Slips Back Beneath the 9-Days EMA

The currency pair is having a bullish posture on the long-term outlook while the medium-term is in a bearish outlook.
The bears may continue the journey to the lower support area.

AUDJPY Weekly Price Analysis – May 8
Should the bears increase their price action, the support level of $91.562 may be broken down, which may drop the price to the previous low of $90.759 and $90.584 support levels.

AUDJPY Market
Key Levels:

Resistance levels: $93.850, $93.900, $93.950
Support levels:      $91.900, $91.850, $91.800

AUDJPY Long-term Trend: BullishAUDJPY is having a bullish posture on the daily chart. The pair is losing bullish momentum as it moved below the $93.654 support level; also the bears caused a drop to the $92.289 support level during yesterday’s session. This, however, gave the sell traders the motive to influence the price tendency as the bears look to gain the market momentum.

Therefore, if the bears increase their tension in the market, the price tendency will drop below the key levels.

The market price of AUDJPY continues in the down south way by the bears at $92.529 support level as the daily chart opens today.

The reactions from the bears drop the market price of the Yen further down to the $92.296 support level as it journeyed down south.

The market value of AUDJPY is initially down at $91.990 support level below the EMA-9 and above the EMA-50, an indication of an upward trend in the context of the strength of the market. More so the bulls are getting weaker while the bears are ready to pull the price down the more.

The momentum indicator is also pointing down at around level 36% range of the daily stochastic, this implies that the price action is also moving downwards as we expect the sellers to continue the downward movement in the days ahead in the long-term perspective.

AUDJPY Medium-term Trend: BearishThe price movement of AUDJPY is currently seen to be in the bear’s direction in the medium-term outlook. The sustained bullish pressure pushed the pair up to the $92.995 resistance level during yesterday’s session and sustained it. The bulls lost the momentum as the sellers in-road to the market to drop the price action.

The price action drops significantly by the bears to the $92.945 support level as the 4-hourly chart opens today.

The sellers’ activities further drop the market price of AUDJPY further down at the $92.296 support level as it continues its downward move.

The market value of the pair is down at $92.257 support value below the two EMAs which are glued together; this implies that the bears are in control of the market at the present.

The pair is pointing down around level 18% of the daily stochastic also indicates that the price of AUDJPY is in a downtrend, and may remain or continue in the same direction in the days ahead before the buyers will come in and take over in the medium-term.

Therefore, sellers can take their position as desired at the moment.

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