AUDJPY is facing an increase in buying pressure and may continue in the same direction if it breaks $85.104.
Overall market sentiment regarding the pair remains bullish.
AUDJPY Weekly Price Analysis – October 17
Price may decline to the support level at $78.856 provided the bears increase their momentum pressure.
Resistance levels: $84.950, $85.050, $85.150
Support levels: $77.900, $77.800, $77.700
AUDJPY Long-term Trend: BullishAUDJPY still trades in an uptrend in its long-term perspective. The bulls' pressure on the currency pair at $83.548 at the resistance area further led to an increase in the price of the Yen during yesterday’s session.
The bulls make a progressive movement to the north at $84.290 in the resistance area as the daily chart opens today.
The price of AUDJPY further rises to $84.926 in the resistance area above the two EMAs; this indicates an uptrend in the context of the strength of the market.
The stochastic oscillator signal pointing up at around level 95% in the overbought area suggests an upward momentum in the price of the Yen in the long term, which indicates a buy signal.
AUDJPY Medium-term Trend: BullishAUDJPY continues in an uptrend market in its medium-term outlook. Just like usual, the currency pair’s price is going up as we can see from the 4-hourly chart.
Today’s 4-hourly opening candle at $84.441 in the resistance area is bullish as the bulls remain dominant in the market.
Pressure from the buyers further moves the price up to $84.926 in the resistance area. Bears return briefly and drop the price down to $84.714 in the support area.
The price of AUDJPY is initially down at $84.714 in the support area which is above the two EMAs, which is an indication of more buyers present in the market.
Thus, the stochastic signal pointing down at level 88% in the overbought region suggests the momentum in the price of the Yen might encounter a trend reversal in the days ahead, in this case, a downtrend in the medium-term.
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