The currency pair is in a bearish scenario.
Price pullback is pertinent at the current support level.
AUDJPY Weekly Price Analysis – March 10
AUDJPY price will rise soon. At the moment, the cryptocurrency market is facing the downside. Meanwhile, the pair might finish the downward correction and start reversing soon. If this is achieved, the target may be the $99.00 upper resistance level.
AUDJPY Market
Key Levels:
Resistance levels: $95.00, $96.00 $97.00
Support levels: $89.00, $88.00, $87.00
AUDJPY Long-term Trend: Bearish
AUDJPY price is set to rise soon. The Yen is bearish in its higher time frame. The market now trades below the moving averages; this affirms its bearish race.
The short traders’ increased momentum drove the price down to a $97.43 low level, during yesterday’s session and sustained it, this has made the price of AUDJPY remain below the supply levels in its recent low.
The journey down south continues as the bears further pushed the price of the Yen down to the $97.27 support value below the moving averages as the daily chart opens today.
However, the bulls are also preparing for their hike race while the market indicator shows that the currency pair is oversold already; this means that the buy traders will resume the bull race soon and the target might be the $99.00 supply mark in the days ahead as the Yen is preparing to rise soon in the long-term perspective.
AUDJPY Medium-term Trend: Bearish
The Yen market is also bearish and also preparing to rise soon. The momentum on the medium-term time frame is also distinctly bearish. Nevertheless, it seems the bulls will take over the price of AUDJPY soon and push us higher as the market now trades at the oversold region.
The bearish pressure at the $97.43 support level in the past few hours has made the coin stay below the supply trend levels in its recent low.
Today’s 4-hourly chart opens with a bearish candle at the $97.46 supply value below the EMA line. This suggests that buyers are returning to the market and the price action will rise soon.
Notably, the market is pointing up on the daily stochastic; this means that the Yen is open for bullish growth and will rise soon, in light of this, the price of AUDJPY might hit the $99.00 supply trend mark, thus registering a buy signal for long traders soon in its medium-term outlook.
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