The currency pair is in a bearish scenario.
The bulls are losing momentum gradually, might be time to sell AUDJPY long-term soon.
AUDJPY Weekly Price Analysis – November 20
At the moment the AUDJPY market is facing the downside. AUDJPY: Bearish Bias, Sell! Meanwhile, the pair might continue to collapse if the short traders add more effort to their selling pressure and close the daily candle below the $91.074 support level. If this is achieved, the target may possibly be the $85.000 lower support mark.
Resistance levels: $97.800, $97.900, $98.000
Support levels: $92.500, $92.400, $92.300
AUDJPY Long-term Trend: Bearish
Analyzing the chart above, we can see that the AUDJPY is in a bearish market in its long-term outlook. Activities from sellers dropped the trend of the currency pair down to the $93.750 support value before the close of yesterday’s session and sustained it.
The impulse move by the bears further drops the price of AUDJPY down to the $93.230 low level below the moving average lines as the daily chart opens today.
An indication of a downward trend in the context of the strength of the market. This means that the short traders are having the market conditions at their disposal at the moment.
Therefore, should sellers push higher, further bullish trends might be turned off
and the Yen might collapse further.
With the stochastic oscillator signal pointing downwards, this suggests that a heavy dump is ahead. So, we expect sellers to continue their downward movement and this fall might get to the $85.000 low value before the bulls will take over to push the price of AUDJPY up in the days ahead in the long-term outlook.
AUDJPY Medium-term Trend: Bearish
The momentum on the medium-term time frame is also distinctly bearish. Nevertheless, it seems the bears will drop the price of AUDJPY further as the market now trades below the resistance trend lines.
Today’s 4-hourly chart opens with a bearish candle at the $93.846 support value below the two EMAs. This suggests that sellers’ inflow is higher and more active at the present.
Hence, staying below the supply trend lines makes it capable for the Yen to remain in a bearish trend and continue to drop. Should the bears prove stronger and change their pricing orientation, the currency pair might face downsides and further dropped to the $85.000 support trend mark in the coming days in its medium-term outlook.
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