AUDJPY: Will The Bulls Continue The Trend?

A break-up or break-down is imminent.
Patience is needed to wait for a bullish movement before taking a long position or a bearish movement before taking a short position.

AUDJPY Weekly Price Analysis – January 9
The bullish trend may continue provided $82.682 support level holds.

AUDJPY Market
Key Levels:

Resistance levels:   $83.350, $83.450 $83.550
Support levels:        $78.775, $78.675, $78.575

AUDJPY Long-term Trend: BullishThe sustained bearish pressure dropped the price of the currency pair further down at $82.682 in the support area during yesterday’s session.

The bulls return gradually with an initial increase to $82.920 in the resistance area as the daily chart opens today.

The price of AUDJPY further rises to $82.961 in the resistance area as the journey up north continues.

Activities from the buyer move the price of the Yen up to $83.221 in the resistance area which is above the EMA-50 as at the time of writing this article. An indication that the buyers are still in control of the market.

However, the stochastic oscillator signal pointing down at around level 64% approaching the oversold region implies that bulls will emerge soon to continue with the market dictation in the long term.

AUDJPY Medium-term Trend: BullishAUDJPY is in an upward trend in the medium-term perspective. The 4-hourly chart opens with the formation of an inverted bearish pin bar hammer at $83.135 in the support area, an indication of a trend reversal.

The impulse move by the sellers further dropped the price of AUDJPY down to $82.627 in the support area.

The buyers return briefly and move the price of the Yen up to $83.078 in the resistance area. The momentum loss as the sellers set in again and dropped the price of the currency pair.

The price of AUDJPY is initially down at $82.945 in the support area above the EMA-9 this suggests an upward movement in the price of the currency pair.

The stochastic signal pointing down at around level 18% in the oversold area indicates that the price of AUDJPY may likely encounter a change in trend and in this case an uptrend in the nearby days, in the medium-term perspective.

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