The currency pair is facing more pressure from the bears.
The bears may continue the journey to the lower support area.
AUDJPY Weekly Price Analysis – July 11
The market is falling hard as the pair slopes below $82.264 leading to a market selloff.
AUDJPY Market
Key Levels:
Resistance levels: $82.545, $82.550 $82.555
Support levels: $81.250, $81.245, $81.240
AUDJPY Long-term trend: BearishThe currency pair is in a downtrend in its long-term outlook. The sustained bearish pressure pushed the pair down to $ 81.320 in the support area during yesterday’s session.
The bulls return briefly and push the price up to $81.530 in the resistance area as the daily chart opens today.
The price of AUDJPY which is up at $82.543 in the resistance area below the two EMAs suggests the momentum in the price of the currency pair is in a downward trend.
The stochastic signal pointing up at around level 24% in the oversold region indicates there may be a trend reversal in the price of AUDJPY in the future in the long-term and in this case, an uptrend.
AUDJPY Medium-term trend: BullishOn the medium-term chart, the pair is in a bullish trend. The formation of a bullish inverted hammer at $81.566 in the resistance area as the 4-hourly chart opens today affirms the bullish presence in the market.
The price of AUDJPY further rises to $82.483 in the resistance area. Bears’ brief return drops the price of the Yen down to $82.393 in the support area below the EMA-50, this suggests an uptrend in the context of the strength of the market.
The stochastic oscillator signals up at around level 50% imply buyers are beginning to take over the market and may likely continue in the same direction in the nearby days in the medium-term.
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