AUDJPY is preparing for the next bearish trend, breakdown imminent.
The buy traders may have temporal control in the market
AUDJPY Weekly Price Analysis – February 26
AUDJPY is facing the negative side at the moment. The sell traders are gradually putting heads into the market. Now, if the price on the daily chart closes below the $ 87.411 support value, then there is a high probability of the price going down to its recent swing low, which is an $87.018 lower support value.
AUDJPY Market
Key Levels:
Resistance levels: $95.600, $95.700 $95.800
Support levels: $92.000, $91.000, $90.000
AUDJPY Long-term Trend: Bullish
The currency pair is slightly in a bullish trend zone in its long-term outlook. Pressure from the bears during yesterday’s session has slowed down the price action of the Yen.
The bulls made their way into the market and push the price value of AUDJPY up to a $91.682 high level as the daily chart opens today.
The impulsive move by buyers further increases the price of the pair up to the $91.939 supply value slightly above the EMA-50; this indicates an uptrend. With this trend, a breakdown is imminent.
In addition to this, the price of the Yen pointing down in the overbought region of the daily stochastic indicates that the buying momentum has ended, we can now expect the sell traders to resume the downward runs, if this is achieved the target might be the $87.018 support level in the days ahead in its higher time frame.
AUDJPY Medium-term Trend: Bullish
On the 4-hourly chart, the currency pair is in a bullish market area. Pressure from buyers moved the market price of the AUDJPY pairs up to the $92.250 resistance level. The momentum was lost as sellers moved into the market and dropped the price of the Yen down to the $91.422 support level before the end of yesterday’s session.
Exhaustion sets in as the bears return briefly and dropped the price down to a $91.709 low level below the two EMAs as the 4-hourly chart opens today. An indication of more pulls from the sell traders while the buying pressure is fading off gradually.
The pair is around level 45% of the daily stochastic approaching the oversold region also indicates that the price of AUDJPY is in a downtrend and may likely remain in the same direction in the nearby days in the medium-term.
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