AUDJPY is preparing for the next bearish trend, breakdown imminent.
The buy traders may have temporal control in the market
AUDJPY Weekly Price Analysis – August 28
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 $95.231, then there is a high probability of the price going down to its recent swing low, which is $94.618.
Resistance levels: $95.600, $95.700 $95.800
Support levels: $94.600, $94.500, $94.400
AUDJPY Long-term Trend: Bullish
The currency pair is in a bullish trend zone in its long-term outlook. The high impact from the buyers during yesterday’s session really made and sustained the pairs’ bullish momentum.
The sellers made their way into the market and drop the price value of AUDJPY down to a $95.231 low level as the daily chart opens today.
The impulsive move by the sellers further drops the price of AUDJPY down to the $94.618 support level above the moving averages; this means that the bulls are getting weaker while the bears are gradually coming into the market to stage a play. 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 $87.302 support level.
AUDJPY Medium-term Trend: Bullish
On the 4-hourly chart, the currency pair is in a bullish market area. Pressure from the buyers moved the market price of the AUDJPY pair up to the $95.436 resistance level. The momentum was lost as the sellers moved into the market and dropped the price of the Yen down to a $95.038 support level before the end of yesterday’s session.
Exhaustion sets in as the bears return briefly and drop the price down to a $94.619 low level below the EMA-9 as the daily chart opens today. An indication of more pulls from the sellers while the buying pressure is fading off gradually.
The pair is around level 58% 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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