The currency pair is in a bearish scenario.
Price breakout and bullish continuation are pertinent at the current trend level.
AUDJPY Weekly Price Analysis – August 27
The AUDJPY pair is making its way up after completing the low dips. The Yen will increase further while the buying time is near. However, the pair could continue to rise upward if it breaks up the $97.570 previous high mark and the daily candle closes above the mentioned resistance. The $100.00 upper supply level and beyond might be the target.
AUDJPY Market
Key Levels:
Resistance levels: $94.000, $95.000, $96.000
Support levels: $87.000, $86.000, $85.000
AUDJPY Long-term Trend: Bearish (Daily Chart)
AUDJPY’s price is bearish. The market now trades below the moving averages; this affirms its bearish race in its long-term outlook.
Sellers’ increased momentum drove the price down to a $93.509 low level, during yesterday’s session and sustained it; this has made the pair remain below the supply levels in its recent high.
The market value of AUDJPY pulled back to a $93.839 high level below the two EMAs as the daily session began today, accelerating the bullish momentum.
Thus, the currency pair will increase further, if buyers can redouble their efforts and push above the $97.570 high, further bearish moves will be put to a stop.
Also, the daily stochastic which is pointing up suggests a further increase in the price of AUDJPY. Hence, this potential bullish trend pattern may likely swing up to the $100.00 upper high trend line soon in its higher time outlook.
AUDJPY Medium-term Trend: Bearish (4H Chart)
The momentum on the medium-term time frame is also distinctly bearish. Nevertheless, it seems buyers are ready to take over the price of AUDJPY and push us higher as the market is now showing a new correction.
Bears’ pressure to a $93.509 low value on the 24th of August has enhanced the price to remain below the supply levels in recent times.
The price action of AUDJPY which increased further to a $93.817 supply level below the moving averages shortly after the opening of the 4-hour chart today indicates a high buying level from the long investors. Thus, a strong push above the $95.828 neckline will increase the price for a good buying time.
Hence, the pair indicates an uptrend while pointing upward on the daily signal. This suggests that the AUDJPY price will increase further and it may accelerate to the $100.00 resistance mark soon in its medium-term time frame.
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