AUDJPY remains at the risk of more downsides.
The bears may continue the journey to the lower support area.
AUDJPY Weekly Price Analysis – October 24
Further increase in the bears’ pressure may break down at $85.104 and this may decrease the price.
Resistance levels: $85,800, $85,900, $86,000
Support levels: $77.900, $77.800, $77.700
AUDJPY Long-term Trend: BullishThe currency pair’s structure looks bullish in its long-term outlook. The bears' increase momentum pushed the price down to $84.886 in the support area, during yesterday’s session.
Today’s daily opening candle at $85.070 in the support area is bearish as the bears are coming into the market gradually.
AUDJPY further drops to $84.716 in the support area as the journey down south has begun.
Price is initially down at $84.608 in the support area above the two EMAs, an indication of an uptrend in the context of the market.
The stochastic oscillator signal pointing down at around level 84% in the overbought region suggests that the momentum in the price of AUDJPY may likely remain in a downtrend in the nearby days in the long-term and in this case a sell signal.
AUDJPY Medium-term Trend: BullishThe Yen is in a bullish trend zone in its medium-term perspective. The bears made a progressive movement to the south with a touch at the 50-EMA at $84.645 in the support area as the 4-hourly session opens today.
AUDJPY price further drops to $84.716 in the support area as the journey down south continues.
AUDJPY now trades at $84.608 in the support area with the formation of a doji candle above the EMA-50, an indication of buyers' gradual hibernation.
The stochastic oscillator signal pointing down at around level 8% in the oversold region suggests a downward momentum in the price of the Yen, thus more buyers are expected to rule the market sooner in the medium-term.
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