The AUDJPY pair is in a bearish market in both outlooks
Sellers may have a temporal dominance in the market as the selling pressure is exhausted.
AUDJPY Weekly Price Analysis – January 15
At the moment the AUDJPY pair is in a bearish market zone; a possible reversal is imminent at the current support level of $88.629. Meanwhile, if the bulls could push harder, the pair might finish the downward correction and start reversing soon. If this is achieved, the Yen price might possibly retest the $98.388 previous high level soon.
AUDJPY Market
Key Levels:
Resistance levels: $95.000, $96.000, $97.000
Support levels: $88.000, $87.000, $86.000
AUDJPY Long-term Trend: Bearish
The AUDJPY pair is in a downward move in its long-term perspective as can be seen undeniably from the daily chart. The sustained bearish pressure at the $89.906 support level during yesterday’s session had made it capable for the price to remain in a downward trend.
The journey down south continues as the daily chart opens today with a bearish candle at the $89.181 support value below the moving average lines. This is an indication of a more bearish impact on the currency pair.
The impulse move from sellers further dropped the price of AUDJPY down to the $88.629 low value below the two EMAs as at the time of writing this article. Should the bulls change their orientation and exchange hands with the short traders at the mentioned support value, the pair may likely reverse and face the upside.
However, the selling pressure is about to be exhausted and price rejection is imminent at the $88.69 low level as indicated by the daily stochastic which is approaching the oversold region. This will bring the emergence of long traders to the market to resume the bullish trend, if this is achieved, the $98.388 resistance value might be retested in the days ahead in its long-term perspective.
AUDJPY Medium-term Trend: Bearish
The momentum on the medium-term time frame is also distinctly bearish. The price bar can be seen below the moving averages. Nevertheless, it seems the bulls will take over the price of AUDJPY soon and push us higher as the market now trades at the oversold region. The bearish pressure at the $89.717 support value during yesterday’s session has contributed to its downward trend.
Today’s 4-hourly chart opens with a bearish candle at the $89.684 support value below the two EMAs. This suggests that the sellers’ inflow is higher and more active in the market at the present.
An increase in selling pressure further dropped the price of AUDJPY down to the $88.742 support value. This was overridden by the bulls at the $88.995 supply value as a pullback to resume the uptrend.
The market price of the Yen further rises to the $89.284 resistance value as the bulls took to their stand to take us higher.
Hence, we have a bullish bias that the AUDJPY price will continue the bullish trend as the market is pointing up in the oversold region. If the buying pressure should increase there may be a further breakout of the Yen to the overhead resistance and this might possibly reach the $98.388 supply level and beyond in the coming days in its medium-term outlook.
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