The currency pair remains in a bearish market zone.
The bears are dominating the market at the present.
AUDJPY Weekly Price Analysis – March 5
At the moment the AUDJPY faces the negative side as the bears aim to drag the market price further downwards. If the forces from sellers in the market should increase and the current resistance level at $92.221 holds, the coin price may possibly slump to reach the $86.000 lower support
value and beyond.
Resistance levels: $95.000, $96.000, $97.000
Support levels: $89.000, $88.000, $87.000
AUDJPY Long-term Trend: Bullish
AUDJPY indicates an upward trend with a bullish sentiment in its long-term perspective. The pair is trading above the two EMAs; which means that it’s in a bullish market zone at the moment.
The price drop to the $91.778 low value during the previous action has made the Yen price drop a bit in its recent low.
The bearish pressure further dropped the price of AUDJPY down to the $91.770 support value slightly above the moving averages as the daily chart resumes today. This indicates an upward trend in the context of the strength of the market.
Meanwhile, a drawdown has occurred as the daily stochastic now points downwards indicating a downtrend. This means that the bears might possibly continue the dumps and this might further drop the price of AUDJPY down to the $86.000 lower support value in the days ahead in its long-term outlook.
AUDJPY Medium-term Trend: Bearish
The currency pair is trading in a bearish market in its medium-term outlook. This is due to the high influence of the sell traders. The bearish pressure at the $91.862 support level in the past few hours has made the AUDJPY price stay below the supply trend levels.
The market price of AUDJPY which dropped down to the $91.87 low level below the moving averages suggests a downtrend in the context of the strength of the market. Thus, should the bears increase their selling pressure the currency pair could drop further to retest the $90.483 previous low.
Thus, further downside is expected as indicated by the daily stochastic which is pointing downwards. Therefore, we expect the short traders to continue with the bearish trend, and the price distribution may likely hit the $86.000 lower support level in the days ahead in its medium-term perspective.
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