AUDJPY: Price Will Bounce Up Soon

The currency pair is in a bearish scenario.
Price pullback is pertinent at the current support level.

AUDJPY Weekly Price Analysis – October 24
The AUDJPY price is in the hands of the short traders at the moment. However, the price will experience a change in the trend and may likely face the upside if the bulls could push higher and break up the supply level at $96.355, the upcoming rally may rise further to hit the $98.388 upper trend line.

AUDJPY Market
Key Levels:
Resistance levels: $96,300, $96,400, $96,500
Support levels: $92.500, $92.400, $92.300

AUDJPY Long-term Trend: BearishAnalyzing the chart above, we can see that the AUDJPY pair is in a bearish market in its long-term outlook. Activities from the sellers dropped the price of the pair down to a low of $92.633 value at the close of yesterday’s session.

The momentum from the short traders continues as the daily chart opens today at the $92.534 support mark below the moving averages. This indicates a low volume of buyers and a downtrend momentum.

The price action of AUDJPY at the time of writing is initially down at a $92.409 low level below the two EMAs an indication that the momentum is in a downtrend.

Meanwhile, the Yen might bounce upside soon as the market has reached the oversold region, this will compel the long traders to resume the correction rally and this new bullish pattern may likely reach the $98.388 resistance trend line in the days ahead in its higher time frame.

AUDJPY Medium-term trend: BearishThe currency pair remains in the bearish trend zone in its medium-term perspective. This is due to the increase in the order flow from the sellers.

The bears made a progressive movement to the south with a touch at the 9-EMA at the $92.954 low level as the 4-hourly session opens today.

AUDJPY price further dropped down to the $92.409 support mark below the moving averages, an indication of a confirmed bearish trend.

Meanwhile, the Yen may possibly resume an upward race soon as the market now trades below the 20% range of the daily stochastic. The price might probably retest the $98.388 supply level soon in its medium-term frame.

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