The currency pair is having a bullish posture on both the long-term and the medium-term outlook.
The currency pair is going in favor of the bulls now.
AUDJPY Weekly Price Analysis – August 14
If the bears should add more force to their activities in the market and push the price to the $93.460 level and break it down, it may descend to $92.528 and $90.521 support levels.
Resistance levels: $95.140, $95.240 $95.340
Support levels: $90.521, $90.421, $90.321
AUDJPY Long-term Trend: BullishAUDJPY is having a bullish posture in its long-term outlook. The buyers caused a rise to the $94.055 resistance level during yesterday’s session and sustained it.
The market price of AUDJPY continues in the up north way by the bulls at a $94.444 high level as the daily chart opens today.
The reactions from the buyers move the market price of the Yen further up to $95.148 on the upside above the moving averages, this simply means an upward trend in the context of the strength of the market.
Meanwhile, a further upward move is unlikely as the market has reached the overbought region. This may compel the sellers to resume the downward trend soon, $90.521 on the downside and beyond might be the target in the days ahead in the long-term perspective.
AUDJPY Medium-term Trend: BullishThe price movement of AUDJPY is currently seen to be in the bull’s direction in the medium-term outlook.
The price action rises significantly by the bulls to the $95.148 resistance level above the two moving averages as the 4-hourly chart opens today; this implies that the bulls are in control of the market at the present.
Meanwhile, a divergence is noticed as the momentum indicator is pointing downwards at around level 96% in the overbought region. This means that the buying pressure has ended and the sellers are now set to dump the price of the Yen downsides. The $90.521 support level may be retested in the future in the medium-term view.
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