AUDJPY is facing an increase in buying pressure and may continue in the same direction if it breaks $83.638
Overall market sentiment regarding the pair remains bullish.
AUDJPY Weekly Price Analysis – September 26
The breakup of the $83.638 resistance level by the bulls may increase the price.
Resistance levels: $83.600, $83.800, $84.000
Support levels: $78.250, $78.050, $77.850
AUDJPY Long-term Trend: BullishThe currency pair looks bullish in its long-term view. AUDJPY is very likely to continue moving up as we are seeing a weak turn up by the sellers. The Yen is facing an increase in buying pressure and it could continue to move up more.
The bulls’ pressure on the currency pair at $80.597 at the resistance area further led to an increase in the price of the Yen during yesterday’s session.
The bears make a progressive movement to the south at $80.433 with a touch at the EMA-50 in the support area as the daily session opens today.
The price of AUDJPY further drops to $80.005 at the support area above the EMA-9.
With price above the two EMA-9 and the stochastic oscillator signal pointing up at around level 23% in the oversold region is an indication of an uptrend in the context of the strength of the market. An indication that buyers are dominating the market in the long term.
AUDJPY Medium-term Trend: BullishThe currency pair is in a bullish trend in its medium-term outlook. After breaking the $79.951 of the resistance level the bulls moved the price further up at $80.516 in the resistance area shortly after yesterday’s opening before momentum loss
AUDJPY rose to $80.769 in the resistance area before the end of the session.
The breakdown in price at the EMAs crossover with a bearish pin bar at $80.683 confirms the bears’ takeover as the 4-hourly chart opens today.
Price is down at $80.240 in the support area at the time of writing this article.
Price is just a bit above the EMA- 50 an indication of an uptrend in the context of the market.
The stochastic oscillator signal pointing down at around level 70% in the overbought region suggests that the price of AUDJPY may likely encounter a change in trend and in this case a downtrend in the nearby days in the medium-term.
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