AUDJPY: Upward Pressure Still Dominates

The AUDJPY pair now trades at the upper resistance area.
Buyers may take their aggressive orders at key areas.

AUDJPY Weekly Price Analysis – March 20
In case the resistance level of $88.374 holds, the price may reverse and face the support levels at $84.898, $84.307, and $83.808.

AUDJPY Market
Key Levels:

Resistance levels: $88.250, $88.350, $88.450
Support levels:     $84.800, $84.650, $84.500

AUDJPY Long-term Trend: BullishAUDJPY is bullish on the daily chart. The pair is losing bearish momentum as it moved above the $87.464 resistance level; also the bulls caused a rise to the $87.588 resistance level during yesterday’s session. This, however, gave the buy traders the motive to influence the price tendency.

The currency pair’s orientation trades in a general bullish flow. As an outcome of low bearish momentum, the buyers are hindering the market from smashing through the support zones. Therefore, if the bears increase their tension in the market, the price tendency will drop below the key levels.

The market price continues in an up-north way by the bulls at $87.464 resistance level as the daily chart opens today.

Increase momentum by the bulls moves the market price of the Yen further up to $88.320 resistance level as it journeys up north.

The market value of AUDJPY is initially up at $88.374 resistance level above the two EMAs, an indication of an upward trend in the context of the strength of the market.

AUDJPY is above the 100% range of the daily stochastic, the buying pressure has reached bullish exhaustion as the market is overbought. This will compel the selling pressure to resume in the days ahead in its long-term perspective.

AUDJPY Medium-term Trend: BullishThe bulls are now progressing upward on the 4-hr time frame. The price movement of AUDJPY is currently seen to be in the bull’s direction in the medium-term outlook. The sustained bullish pressure pushed the pair up to $87.693 resistance level during yesterday’s session and sustained it.

The price action rises significantly to $87.703 resistance level as the 4-hourly chart opens today.

The buyers’ activities further move the market price of AUDJPY further up at $88.365 resistance level with a long bullish candle.

The market value of the pair is up at $88.374 resistance value above the two EMAs which are fanned apart, this implies that the bulls are in control of the market at the present.

The pair is around 98% of the daily stochastic in the overbought region also indicates that the price of AUDJPY is in an uptrend, more so sellers are expected to emerge to drop the price of the Yen in the nearby days in the medium-term.

Therefore, sellers may wait for this action to occur before taking their position as desired.

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