The currency pair is in a bearish market zone.
Sellers are still dominating the market.
AUDJPY Weekly Price Analysis – February 12
At the moment the AUDJPY now trades below the moving averages and looks good for sellers. However, the dump might likely continue, if the bears could increase their momentum and further buying pressure is hibernated. The bearish trend could hit the $87.120 lower support level and beyond.
Resistance levels: $95.600, $95.700, $95.800
Support levels: $90.750, $90.650, $90.550
AUDJPY Long-term Trend: Bearish (Daily Chart)
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 sustained bearish pressure on the Yen in the past few days has made the price stay below the supply trend levels in its recent low.
The journey down south continues as the daily chart opens today with a bearish candle at the $90.868 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.
The impulse move by the short traders further dropped the market value of AUDJPY down to the $90.225 support value below the supply levels, an indication of a downward trend in the context of the strength of the market. This call for sellers to put in their orders as it is sensible to go short at the moment.
In addition to that, the momentum indicator shows that the price signal is also moving downward, so, we expect the bears to continue with the dump and the price distribution may likely hit the $87.120 lower support mark in the days ahead in its long-term perspective.
AUDJPY Medium-term Trend: Bearish (4H Chart)
On the 4-hourly chart, the AUDJPY pair remains in a downward move. The price is currently seen to be in the bears’ direction in the medium-term outlook. The sustained bearish pressure moved the pair down to the $91.146 support level during yesterday’s session and sustained it.
The price action dropped significantly to the $90.948 low value below the moving average lines as the 4-hourly chart opens today.
Sellers’ activities further dropped the market price of AUDJPY down to the $90.856 support level as the bears aim to continue with the trend.
Hence, the daily stochastic which is pointing downwards at around level 47% indicates that the price of AUDJPY is in downward momentum and may likely remain or continue in the same direction, as a result of this, the bears might push the price of the Yen further down to the $87.120 lower value in the nearby days in its medium-term outlook.
Therefore, sellers may take their position as desired.
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