The currency pair is in a bearish scenario.
Price pullback is pertinent at the current support level.
AUDJPY Weekly Price Analysis – October 2
At the moment the AUDJPY market is facing the downside. Meanwhile, the pair might finish the downward correction and start reversing soon. If this is achieved, the target may possibly be $98.388 upper resistance level.
AUDJPY Market
Key Levels:
Resistance levels: $95.500, $95.600, $95.700
Support levels: $92.500, $92.400, $92.300
AUDJPY Long-term Trend: Bearish
AUDJPY price is bearish. The market now trades below the moving averages; this affirms its bearish race in its long-term outlook. The sellers increased momentum drove the price down to a $93.124 low level, during yesterday’s session and sustained it.
The journey down south continues as the bears further pushed the Yen price down to the $92.518 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 and the target might be the $98.388 supply mark in the days ahead.
AUDJPY Medium-term Trend: Bearish
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, pushing us higher as the market trades at the oversold region.
Today’s 4-hourly chart opens with a bearish candle at the $94.131 support value below the two EMAs. This suggests that the sellers’ inflow is higher and more active at present.
Hence, AUDJPY is showing more upside possibilities as indicated by the daily stochastic, we, therefore, expect more gains from the bulls and this might likely reach a high at $98.388 high level soon in its medium-term view.
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