The AUDJPY pair is poised for a potential drop.
The bears are warming up for the next bearish move.
AUDJPY Weekly Price Analysis – December 29
The AUDJPY market price is poised for a potential drop as the bears are about to resume the downward move. Meanwhile, the pair might finish the upward trend correction and start its journey down south. If achieved, the target may reach the $90.99 previous support level and extend further to the $88.00 lower support value, indicating a strong sell signal.
AUDJPY Market
Key Levels:
Resistance levels: $101.00, $102.00, $103.00
Support levels: $93.00, $92.00, $91.00
AUDJPY Long-term Trend: Bearish (Daily Chart)
AUDJPY’s price is bearish. The market price is poised for a potential drop as the bears remain dominant on the higher time horizon. The price bars are below the moving averages, confirming its bearishness. 
Sellers’ increased momentum to a $97.73 support level in the past few days has driven the price below the supply levels in its recent low.
After completing yesterday’s high of $98.40, the bears dropped the AUDJPY price to a $ 97.77 support level below the EMA-50, suggesting the pair is poised for a potential drop as the journey down south continues.
However, the bears are preparing for a potential drop while the market indicator shows that the currency pair is overbought already. In light of this, the short traders might resume the downward trend to hit the $90.99 previous low level and extend to reach the $88.00 lower support level in the days ahead in its higher time frame.
AUDJPY Medium-term Trend: Bullish (4H Chart)
AUDJPY is bullish on the medium-term outlook. Nevertheless, the price is poised for a potential drop as the market approaches the overbought region. 
Today’s 4-hourly chart at $98.21 supply value is bullish as the price remains above the EMA-50, suggesting that buyers’ inflow is higher and more active.
However, the AUDJPY price is poised for a potential drop as the market approaches the overbought region, indicating the bears will emerge soon.
Hence, AUDJPY buying pressure is about to end as the daily stochastic approaches the overbought region, indicating the Yen price is poised for a potential drop. As a result, the Yen price may drop to the $88.00 support level in the days ahead, signaling a selling point for short traders in its medium-term view.
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