AUDJPY is preparing for the next bearish trend, breakdown imminent.
The long traders may have temporary control in the market
AUDJPY Weekly Price Analysis – July 16
The AUDJPY pair is bound to face the negative side for another downward move potential soon. AUDJPY’s next dump target might be the $86.000 support level. If the bears could exchange hands with the bulls at the $95.311 and all the current supply holds, the Yen price might break down the $86.058 previous support trend line, which may likely extend to the $86.000 lower support value and beyond.
Resistance levels: $91.000, $92.000 $93.000
Support levels: $89.000, $88.000, $87.000
AUDJPY Long-term Trend: Bullish (Daily Chart)
In the long-term outlook, the AUDJPY market still trades in a bullish trend. The price bar can be seen in red above the EMA-50 indicating an uptrend
The sustained bullish pressure at the $95.311 supply level during yesterday’s session actually made it capable for the buy investors to retain the strength in recent times.
The sell traders made their way into the market and dropped the price value of AUDJPY down to a $94.547 low level above the EMA-50 as the daily chart opens today. This implies an uptrend; meanwhile, the bulls are getting weaker while the bears are moving into the market in a grand style.
A possible breakdown from the mentioned support level will provide a higher sliding move for sellers and prolong the ongoing bearish move.
Similarly, the AUDJPY price may likely continue its journey down south as indicated by the daily stochastic which is pointing in a downward direction. This means that the selling pressure has just begun, if the bears could push stronger and increase their selling action, the next dump target might be the $86.000 lower support value in the coming days in its higher time frame.
AUDJPY Medium-term Trend: Bullish (4H Chart)
AUDJPY is in a bullish trend in its medium-term outlook. The price bars can be sighted above the supply trend levels.
Pressure from the bulls at the $95.165 supply value in the previous action has made it possible for the price to maintain an uptrend in its recent high.
The bulls further increase the price of AUDJPY up to the $95.117 resistance level above the moving averages as the 4-hourly session resumes today. This means that the bulls are actively buying at this level and remain dominant at present.
Additionally, the price of the Yen pointing up at around level 88% in the overbought region of the daily stochastic indicates that the buying momentum will end soon. We can now expect the short traders to resume the bearish trend pattern.
Thus, the price of AUDJPY’s next dump target might be the $86.000 lower support value in the coming days in its medium-term outlook.
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