AUDJPY: Price Will Drop Further! Sell!

The currency pair is slightly in a bullish market zone.
Buyers are having temporal control at the moment.

AUDJPY Weekly Price Analysis – August 19
At the moment the AUDJPY faces the positive side, there is likely to be a trend reversal if all the current support holds and the sellers put more strength in their action, the price will definitely drop down to $131.597, and beyond.

AUDJPY Market
Key Levels:
Resistance levels: $136.800, $136.900, $137.000
Support levels: $131.500, $131.400, $131.300

AUDJPY Long-term Trend: BullishThe currency pair trades in a bullish flow in its long-term view. The sustained bullish pressure pushed the currency pair up to a $135.499 high level during yesterday’s session and sustained it. This really made it possible for the coin to stay up.

The momentum however changes as the daily chart opens today with a bearish candle at a $134.735 support level above the moving averages; this thus implies that the buyers are losing their strength and getting weaker while the short traders are coming in gradually to dominate the market.

The market value of AUDJPY is pointing down around level 93% of the daily stochastic. This will compel the sell traders to cluster around the market and drop the price further. The price may likely drop to a $126.321 low level soon in the higher time frame as we watch the sellers take over soon.

AUDJPY Medium-term Trend: BullishAUDJPY pair is in a bullish market trend in its medium-term outlook. The price action of the coin at a $134.831 low level at the moment is currently seen slightly above the moving averages. This means that the sellers are gradually coming in to change the race to a bearish run.

The price indicator which is also pointing downwards in the overbought region indicates that the buying pressure has ended. Therefore we expect the short traders to continue the trend downwards and the $126.321 support level might be reached in the coming days in its medium-term view.

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