AUDJPY: Attractive For Sellers

Price now trades in a range close to the lower support level.
The bears are on top of the market.

AUDJPY Weekly Price Analysis – September 12
Further increase in the bears’ pressure may break at $79.550 level and this may decrease the price to $78.221.

AUDJPY Market
Key Levels:

Resistance levels:    $84.000, $84.100, $84.200
Support levels:        $80.000, $70.000, $60.000

AUDJPY Long-term Trend: BearishOn the daily chart, the currency pair is in a bearish trend. The bears made a progressive movement to the south with a touch at the two EMAs and stayed below it at $80.763 in the support area as the low attained by the pair on the 10th of September.

A bearish gravestone doji candle at $80.763 opens today’s daily chart in the resistance area, an indication of a trend reversal.

With the price of AUDJPY down at $80.745 in the support area below the two EMAs, suggests that the sellers are in control of the market.

Hence, the stochastic signal pointing down at around level 75% in the overbought area suggests that the momentum in the price of AUDJPY may likely remain in the same direction in the days ahead and in this case a downtrend in the long term.

AUDJPY Medium-term Trend: Bearish The pair looks bearish in its medium-term perspective. The bears increased momentum drops the price down to $80.763 in the support area, during yesterday’s session. The momentum was lost as exhaustion sets in as the bulls return briefly.

Today’s 4-hourly opening candle at $80.839 at the resistance area is bullish as the bulls return briefly to the market.

AUDJPY rises further to $81.421 in the resistance area after which the sellers in-road into the market and drop the price of the Yen down to $80.916 in the support area.

Price is initially down at $80.745 in the support area below the two EMAs, an indication of a downtrend in the context of the strength of the market.

The signal of the stochastic oscillator points down at around level 37% in the overbought region suggests a downward momentum in the price of AUDJPY in the medium-term perspective.

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