AUDJPY Sellers Will Take Over Soon

The currency pair still trades in an uptrend.
The bulls are currently dictating the market at the moment.

AUDJPY Weekly Price Analysis – September 24
The AUDJPY sellers will take over the market soon as the pair is now trading at the overbought region. Hence, an increase in selling pressure will turn down the Yen price and this may break down the pair to retest the previous low at $86.05 value which could lead the Yen price to an $80.00 lower support value and beyond.

AUDJPY Market
Key Levels:
Resistance levels: $93.00, $94.00, $95.00
Support levels: $87.00, $86.00, $85.00

AUDJPY Long-term Trend: Bullish
The AUDJPY is in an uptrend on the daily chart. Price is trading above the EMA-50 but below the EMA-9 support of the price channel; this confirms the presence of a more bullish impact on the currency pair. Further, sellers may take over the Yen market soon, as the market now trades in the overbought region.

Activities of the buy traders to $95.63 in the past few days have sustained the Yen price above the resistance level in recent times.

Today’s daily bullish candle at the $95.82 supply value above the EMA-50 but below the EMA-9 indicates an uptrend and also suggests that buyers are getting weaker gradually.

Thus, a breakdown below the $86.05 previous low value would allow sellers to regain control and potentially drive the coin price toward the lower support area.

Additionally, sellers may take over soon as the price of AUDJPY now trades in the overbought region of the daily signal. This means that the buying pressure will end soon, if this is achieved, the pair might possibly slide down to the $80.00 lower support level and beyond in the nearby days in its higher time frame.

AUDJPY Medium-term Trend: Bullish
AUDJPY is in a bullish trend in its medium-term outlook. The price bars can be sighted above the supply trend levels. Hence, sellers may take over soon as we see a new bearish move.

Today’s 4-hour bearish candle at the $95.72 support value which further dropped to a $95.52 support mark above the moving averages confirms the return of sellers to stage a play and take over the Yen market.

Thus, a sharp breakdown and closure below the $92.78 support trend level will invalidate any bullish thesis.

Furthermore, the daily stochastic signals a downtrend, if sellers could push harder and sustain the AUDJPY price below the $92.78 lower support value, the resulting rally may further drop down to hit the $80.00 lower support level in the days ahead in its medium-term perspective.

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