The currency pair remains in a bearish market zone.
The bears are dominating the market at the present.
AUDJPY Weekly Price Analysis – February 5
At the moment the AUDJPY faces the negative side as the bears aim to drag the market price further downwards. Should the short traders increase their momentum, the bearish rally could retest the $88.070 previous low which may extend the Yen price to the $87.018 lower support level.
Resistance levels: $95.000, $96.000, $97.000
Support levels: $89.000, $88.000, $87.000
AUDJPY Long-term Trend: Bearish
AUDJPY is in a bearish move in its long-term outlook. The pair is trading below the supply trend levels and has confirmed its bearishness. The sustained bearish pressure pushed the currency pair down to the $90.875 support level during yesterday’s session and sustained it.
The bears continue with the low-dips movement and dropped the price of AUDJPY down to the $90.764 support value below the moving averages as the daily chart opens today.
Increase momentum from the bears further drops the market price of the Yen down to the $90.349 support mark below the two moving averages as it journey down south. This indicates a downward trend as the bears aim to drag the currency pair to the lower support area.
Additionally, the daily stochastic shows that the price signal is also moving downward, so, we expect the short traders to continue with the bearish trend, and the price distribution may likely hit the $87.018 lower support level in the days ahead in its long-term perspective.
AUDJPY Medium-term Trend: Bearish
On the 4-hourly chart, the pair remains in a downward move. The price movement of AUDJPY is currently seen to be in the bears’ direction in the medium-term outlook.
The sustained bearish pressure moved the pair down to the$90.833 support level during yesterday’s session and sustained its price below the supply trend levels in its recent low.
The price action drops significantly to the $90.764 low value below the moving average lines as the 4-hourly chart opens today.
Sellers’ activities further dumped the market price of AUDJPY down to the $90.373 support level as the bears aim to continue with the trend.
Hence, the daily stochastic which is pointing downwards also indicates that the price of AUDJPY might remain or continue in the same direction and the $87.018 low value might be the target in the nearby days in its medium-term outlook.
Therefore, sellers may take their position as desired.
Note: Forexschoolonline.com is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results.