The currency pair is in a bearish scenario.
The bulls will soon go higher and a time to buy will be soon.
AUDJPY Weekly Price Analysis – September 25
At the moment the AUDJPY market is facing the downside. Thus, there is likely to be a pullback at the $93.380 support value. If the current support level holds, the price could drive upward to retest the previous high at the $98.400 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
On the daily chart, the AUDJPY pair is trading below the moving averages, which means that it’s in a bearish trend zone. The impulse move by the sellers at the $93.562 low level during yesterday’s session sustained the bearish momentum and maintained it.
The aggressive move by the bears further dropped the market price of AUDJPY down to the $93.380 support level below the moving averages as the daily session opens today. An indication of a downtrend.
Hence, the market price of AUDJPY is now pointing up below the 20% range of the stochastic, this means that further downsides are unlikely as the market is oversold already. It implies that the price may likely face the positive side soon and it could grow up to reach above the $97.000 supply level and beyond in its higher time frame.
AUDJPY Medium-term Trend: Bearish
On the medium-term chart, the pair is in a downward move. The price movement of AUDJPY is currently seen to be in the bears’ direction.
The bears’ increased momentum dropped the price down to a $93.381 low value below the two EMAs as the 4-hourly market opened today. Thus, if the bulls could add more aggression to their buying activities in the market the price of the Yen will face the positive side.
However, the market is oversold already as indicated by the daily stochastic, this will compel the bulls to cluster around the market and move the price to the upside.
The upcoming trend may possibly retest the previous high at a $98.400 high level soon in its medium-term outlook.
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