The Long-term and the Medium-term are both in an upward momentum
A shift in the trend may emerge soon, buyers may go for rest.
AUDJPY Weekly Price Analysis – September 11
AUDJPY price is likely going to experience a bearish reversal and the price could be ready very soon for another downward move potential. Therefore if the current support holds, the pair may retest the previous low at $90.521 and extend to an $87.302 low level.
Resistance levels: $97.750, $97.800 $97.850
Support levels: $92.500, $92.450, $92.400
AUDJPY Long-term trend: BullishThe AUDJPY pair is in an upward move in its long-term perspective as can be seen undeniably from the daily chart. The formation of a bearish doji candle at a $97.286 low level during yesterday’s session is an indication of a trend reversal.
The buy traders return briefly today and move the price of AUDJPY up to the $97.913 resistance value above the moving averages.
However, divergence is noticed as the currency pair is pointing down in the overbought region of the daily stochastic. This indicates that the buying pressure has ended, so we could expect a shift in trend soon and in this case, the price can decline to a low at $90.521 and beyond in the coming days in its higher time frame.
AUDJPY Medium-term Trend: BullishOn the 4-hourly chart, the AUDJPY pair is in a bullish market zone. The short traders are now involved in the market flow and are ready to smash the price down to a significant level.
The currency pair is now finding its way down as the bears gradually stage a return to the market.
A bearish doji candle at the $97.578 support value above the moving averages opens today’s 4-hourly chart as the sell traders took their place in a grand style.
This is an indication of a bearish trend reversal.
The journey down south continues as the bears drop the price of the currency pair down to the $97.535 support level.
Further, the price of AUDJPY is likely to continue dropping as the market is overbought already. This will compel the sellers to resume the bearish race and in this case, the price might possibly decline to a $93.077 support level and beyond in its medium-term outlook.
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