AUDJPY: Watch Price Action for Sell

AUDJPY still trades slightly in an uptrend.
Bulls are losing momentum gradually, might be time to sell AUDJPY long-term soon.

AUDJPY Weekly Price Analysis – June 12
Further increase in the bear’s pressure may break down at the $89.238 support level and this may decrease the price to $89.302 and $89.086.

AUDJPY Market
Key Levels:

Resistance levels: $96.800, $96.850 $96.900
Support levels:    $89.230, $89.130, $89.030

AUDJPY Long-term Trend (1D): BullishThe currency pair is in a bullish trend zone in its long-term outlook. The bulls have been in control of the market for the past few days. However, the price action has dropped since yesterday’s interference from the bears that moved the price down to the $95.291 low level during yesterday’s session and also sustained it.

The bearish momentum continues with the bearish candle’s formation at the $94.595 support level as the daily session opens today.

The market value of AUDJPY is down initially at the $94.323 support level above the moving averages, this means that the momentum is the price of the Yen is in an uptrend and the sellers are coming in gradually to stage a play in the market.

The AUDJPY pair is in the overbought region of the daily stochastic at around level 81%; it indicates that the selling pressure may likely continue and remain in the same direction in the days ahead in the long-term perspective.

Hence sellers may wait for this action to resume before taking a position.

AUDJPY Medium-term Trend(4H): BullishOn the 4-hour chart, the pair is in a bullish market zone. The impulsive move by the bulls pushes the price of AUDJPY up to the $95.490 resistance level, as the 4-hourly chat opens today.

The momentum was lost, while the sellers return in a grand style and drop the market price down to the $94.595 low level.

The price action of AUDJPY is initially down at the $94.558 support level above the EMA-9 and below the EMA-50. This is an indication of a slight weakness in the strength of the bulls.

The stochastic oscillator signal pointing down at around level 11% in the oversold region suggests that the currency pair may likely remain or continue its downward movement before the bulls will take over to push the price of AUDJPY up in the days ahead in the medium term.

Hence, sellers may take their position as desired at the moment.

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