The Yen is facing more pressure from the bulls.
The currency pair could still decrease despite slight moves from the buyers.
AUDJPY Weekly Price Analysis -March 27
Further increase in the bear’s pressure may break down at the $90.522 support level and this may push the price down to $90.130 and $90.018.
Resistance levels: $91.850, $91.950 $92.000
Support levels: $91.900, $91.800, $91.700
AUDJPY Long-term Trend: BullishOn the daily chart, the AUDJPY pair is trading above the moving averages, which means that it’s in a bullish trend zone. The impulse move by the buyers at the $91.966 resistance level during yesterday’s session sustained the bullish momentum.
The momentum lost as the seller’s in-road and drop the market value to $91.917 support level as the daily chart opens today.
The aggressive move by the bears further drops the market price of AUDJPY down at $91.736 support level as the journey down south continues.
The market price of the Yen is initially down at $91.059 support level above the two EMAs which are fanned apart; this implies that the price of AUDJPY is in control of the bulls; therefore it’s in an uptrend.
The signal from the stochastic oscillator pointing downwards at around level 98% in the overbought area suggests the buying pressure has reached bullish exhaustion. This may compel the selling pressure to resume in the nearby days in the long term.
AUDJPY Medium-term Trend: BullishThe price movement is currently seen to be in the bull’s direction in the medium-term outlook. After breaking the $91.789 of the upper channel the bulls pushed the price further up at $91.966 in the resistance area shortly after yesterday’s opening before momentum loss. AUDJPY dropped to the $91.527 support level before the end of the session.
The 4-hourly chat opens today at $91.577 in the support area confirming the bears’ takeover.
The sellers’ activities further drop the market price of AUDJPY down to $91.059 support level with a long wick.
The bears lost the momentum and the bull’s in-road and move the market price of the Yen up to $91.934 resistance level above the two EMAs; an indication of more buyers present in the market at the moment.
The momentum indicator signal which is pointing upwards at around level 88% in the overbought region also indicates that the price of AUDJPY is in an uptrend, more so sellers are expected to emerge to drop the price of the Yen in the nearby days in the medium-term.
Therefore, sellers may wait for this action to occur before taking their position as desired.
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