The currency pair is in a bearish market zone both in the long and medium-term outlooks.
AUDJPY is likely to turn upside soon as the market is oversold.
AUDJPY Weekly Price Analysis – November 13
At the moment the AUDJPY now trades below the moving averages and looks good for sellers. However, this dump might likely end soon, if the bulls should exert more force on the price action in the market. The pair may resume its uptrend and the new bull cycle may possibly reach the $98.000 upper high mark and beyond.
AUDJPY Market
Key Levels:
Resistance levels: $95.600, $95.700, $95.800
Support levels: $90.750, $90.650, $90.550
AUDJPY Long-term Trend: Bearish
The AUDJPY pair is in a downward move in its Long-term perspective as can be seen undeniably from the daily chart. The short traders are actively involved in the trading activities at the moment and the price bars are below the supply trend lines.
The bears’ pressure on the currency pair at a $92.916 low level further led to a decrease in the price of the Yen during yesterday’s session and sustained it.
The journey down south continues as the daily chart opens today with a bearish candle at the $92.598 support value below the two EMAs. This implies that the short traders are in charge and also in control of the market prices at the present.
Further, the daily stochastic indicates that the market is oversold. This means that the selling pressure will be exhausted soon. The bulls are expected to resume the bullish correction phase sooner. If this is achieved, the bullish rally might reach the $98.000 supply mark in the days ahead in its long-term outlook
AUDJPY Medium-term Trend: Bearish
On the 4-hour chart, the pair is in a downtrend. The pair faces rejection at level $93.301 as the pair resumes a downward move.
The AUDJPY pair further broke down the two EMAs at the $92.923 support level shortly after the opening of the 4-hourly session.
Thus, the current pullback at the $93.087 supply level is an indication of the return of the bulls to stop further selling pressure and dominate the market.
In addition, the market is oversold already, this now calls for more buyers to emerge soon and push Yen’s price further up, and in this case, the price might possibly hit the $98.000 resistance value in the coming days in the medium-term time frame
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