AUDJPY: Price at the Verge of Downsides

The upward move still dominates the long-term outlook while the medium-term range is facing a downward move.
The pair is slightly going in favor of the bears.

AUDJPY Weekly Price Analysis – April 24
AUDJPY market price staying below EMA-9 at the $92.989 support level, may lead to strong downsides.

AUDJPY Market
Key Levels:

Resistance levels: $85.800, $85.850, $85.900
Support levels:     $92.900, $92.850, $92.800

AUDJPY Long-term Trend: BullishThe currency pair is bullish on the daily chart. AUDJPY is very likely to continue moving downwards as we are seeing a weak turn up by the buyers. The Yen is facing a slight increase in selling pressure and it could continue to drop more.

The bears’ pressure on the currency pair at the $95.252 support level further led to a decrease in the price of the Yen during yesterday’s session.

The bears make a progressive movement to the south at the $94.600 support level with a touch at the EMA-9 as the daily session opens today.

The market value of AUDJPY further drops to the $93.090 support level as it journeys down south.

The price of the Yen is initially down at $92.989 support level below the EMA-9 and above the EMA-50, an indication that sellers are coming into the market gradually and the bulls are getting weaker.

With the daily stochastic oscillator signal pointing downwards at around level 63% approaching the oversold region, implies that the pair is likely to further depreciate on the downside in the days ahead in its long term perspective.

AUDJPY Medium-term Trend: BearishOn the 4-hour chart, the pair is in a downtrend. The pair faces rejection at the $94.637 support level as the 4-hourly chart opens today and resumes a downward move.

The currency price broke the 9-day and 50-day EMAs. AUD/JPY is in a bearish trend zone.

Activities from the sellers further drop the market value of the pair down to $93.042 as the movement down south continues.

The market price of AUDJPY is currently down at the $92.989 support level below the two EMAs, an indication that the bears are in control of the market at the moment.

In like manner, the daily stochastic pointing downwards at around level 5% in the oversold region is an indication of downward momentum in the price of the Yen, and may likely remain in the same direction in the nearby days before the intervention of the bulls in its medium-term perspective.

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