AUDJPY: Price to Remain Bullish Soon

AUDJPY price now trades below the EMAs at a level of $92.176 in the resistance area.
The bears seem to be in control of the market at the moment.

AUDJPY Weekly Price Analysis – July 3
AUDJPY price is showing positive signs now at the $92.176 high level, more upside is possible if the buyers should increase their price action; the $96.880 resistance level may be retested.

AUDJPY Market

Key Levels:
Resistance levels: $95.300, $95.400, $95.500
Support levels:  $92.100, $92.000, $91.900

AUDJPY Long-term Trend: BearishThe AUDJPY pair is in a downtrend in its long-term perspective. The sustained bearish pressure pushed the currency pair down to the $93.336 support level during yesterday’s session and sustained it.

The momentum from the sellers continues as the daily chart opens today at the $92.176 support level.

The market value of AUDJPY is initially down at a $91.421 low level which is below the two EMAs, an indication of a downward trend in the context of the strength of the market.

Meanwhile, the selling pressure has reached bearish exhaustion as the market is around the level 20% in the oversold region. This will compel the buyers to resume the uptrend soon and take the value of the Yen up to a significant level in the coming days in its long-term outlook.

AUDJPY Medium-term Trend: BearishThe pair is in a bearish posture in the medium-term perspective. The sustained bearish pressure moved the pair down to the $93.469 support level during yesterday’s session after which the buyers inroad briefly and moved the price up to the $93.790 resistance level and sustained it.

Today’s daily chart opens at a $92.160 high level as the buyers manage to sustain the trend.

The price of AUDJPY is initially up at the $92.355 resistance level below the two EMAs, an indication of downward momentum in the price of the pair. More so, the bulls are coming in gradually to possess the market at the moment.

Hence, the stochastic signal pointing up at around level 14 % in the oversold region is an indication that the AUDJPY pair may likely encounter a change in the trend in the days ahead in its medium-term outlook, and in this case an uptrend.

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