Upward pressure still dominates the higher time frame.
It is very likely to continue dropping as we are seeing a bearish correction in place in the short-term outlook.
AUDJPY Weekly Price Analysis – April 10
Should the bears increase their momentum, the support level of $92.687 may be broken down which may drop the price to the previous low of $ 92.410 and $90.759.
AUDJPY Market
Key Levels:
Resistance levels: $94.100, $94.150 $94.200
Support levels: $92.500, $92.450, $92.400
AUDJPY Long-term Trend: Bullish
On the daily chart, the AUDJPY pair is trading above the moving averages, which means that it’s in a bullish trend zone. The bears’ pressure on the currency pair at the $92.410 support level further led to a decrease in the price of the Yen during yesterday’s session, after which the momentum was lost.
The formation of a doji candle at the $92.676 resistance level affirms the presence of the buyers also an indication of a trend reversal as the daily chart opens today.
The aggressive move by the bulls further moves the market price of AUDJPY up at the $92.692 resistance level as the journey up north continues.
The market price of the Yen is initially up at the $92.895 resistance level above the two EMAs; an implication that the price of AUDJPY is in control of the bulls; therefore it’s in an upward trend.
However, divergence is noticed as the Yen is pointing down around level 80% of the daily stochastic. It indicates that the market has reached the overbought region, because of that the pound is falling to the downsides sooner in the long-term perspective.
AUDJPY Medium-term Trend: Bullish
The AUDJPY currency pair is trading in the bullish trend zone in its medium-term outlook.
The currency pair is in an ascending channel, with a bullish candle at $92.583 in the resistance area opening the 4-hourly session today.
Sellers’ in-road briefly and drop the market price of AUDJPY down to $92.507 in the support area.
The momentum was lost as the buyers return and move the price up to the $92.813 resistance level. After which the bears overtake and drop the price action down at the $92.687 support level.
The price which is initially down at $92.813 above the two EMAs, suggests that more buyers are present in the market at the moment.
The stochastic signal which is pointing downwards at around level 19% in the oversold region also indicates that the price of AUDJPY is likely to continue in a downward trend, more so buyers are expected to emerge to move the price of the Yen up in the nearby days in the medium-term.
Therefore, buyers may wait for this action to occur before taking their position as desired.
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