AUDJPY: Is Well On Its Way to Resistance

The overall outlook of the currency pair is in an uptrend.
Traders may consider buying with a bullish reversal candlestick pattern as confirmation.

AUDJPY Weekly Price Analysis – August 29
The pair is slightly going in favor of the bulls.

AUDJPY Market
Key Levels:

Resistance levels:   $82.500, $83.500 $84.500
Support levels:       $79.500, $78.500, $77.500

AUDJPY Long-term trend: Bullish

AUDJPY is having a bullish posture in its long-term outlook. The bears increased momentum dropped the price down to $79.591 in the support area during yesterday’s session. The momentum lost as exhaustion set in with the bulls’ brief return.

Today’s daily chart opens at $79.648 in the resistance area is as a result of bulls’ in-road to the market.

The buyer’s reaction pushes the pair up to $80.350 in the resistance area at the time of writing this article.

Price stays above the EMA-9 in the resistance area, an indication of upward momentum in the price of the Yen.

The signal of the stochastic oscillator pointing up at around level 57% implies that the AUDJPY price is in an uptrend and may continue in the same direction in the days ahead in the long term.

AUDJPY Medium-term trend: BullishThe currency pair is in a bullish trend zone in its medium-term perspective. After pushing the price down to $79.591 in the support area by the sellers, the price further dropped down to $79.416 below the two EMAs in the support area before the end of yesterday’s session. The momentum lost as the bulls set in and took over.

Today’s 4-hourly opening candle at $79.544 in the resistance area is bullish as the bulls are gradually returning to the market.

AUDJPY rises further to $79.887 in the resistance area due to increasing pressure from the buyers.Exhaustion set in as the seller’s brief return and price drops to $79.800 in the support area.

Bulls return and push the price of the Yen up to $80.350 in the resistance area. Price is initially down at $80.256 in the support area as the bears are setting in again.

The price above the two EMAs; suggests the momentum in the price of the AUDJPY is in an uptrend.

The stochastic oscillator signal pointing up at around level 83% in the overbought region indicates that the momentum in the price of the currency pair is in an uptrend in the medium term.

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