The currency pair is in a bearish scenario.
The bulls will soon go higher and a time to buy will be soon.
AUDJPY Weekly Price Analysis – December 4
At the moment the AUDJPY market is facing the downside and also trading at the oversold region. Thus, there may likely be a price rejection at the $91.133 support value. If this is achieved by the bulls, the price could drive upward to retest the previous high at the $98.388 value.
Resistance levels: $94.000, $95.000 $96.000
Support levels: $92.000, $91.000, $90.000
AUDJPY Long-term Trend: BearishThe currency pair is in a bearish zone in its long-term perspective. The pressure from the bears dropped the price of AUDJPY down to the $92.048 support value before the end of yesterday’s session and sustained it.
The sell traders continue with the trend and further drove the price of the Yen down to the $91.243 support level below the two EMAs as the daily chat opened today. This implies that the currency pair is in control of the bears at the present.
The impulsive move by the short investors further drops the price of AUDJPY down to a $91.133 low mark as the journey down south continues. Hence, if the bulls could prove stronger and add more weight to their buying pressure, the Yen price action may likely face the positive side to resume the bullish trend.
In addition, price rejection at the $91.133 low value is imminent as the market is oversold already as indicated by the daily stochastic. This will compel the buying pressure to resume soon and this could push the currency pair price up to a $99.000 high trend line in the nearby days in the long term perspective.
AUDJPY Medium-term Trend: BearishOn the medium-term chart, the AUDJPY pair is in a downward move. The price bars are currently seen to be in the bears’ direction.
The bears increased momentum dropped the price down to a $91.243 low value below the two EMAs as the 4-hourly market opened today.
The market value of AUDJPY is initially down at the $91.229 support level below the two EMAs, an indication of a downtrend in the context of the strength of the market. Thus, if the bulls could add more aggression to their buying activities in the market the price of the Yen will face the positive side and may possibly retest the previous high at $93.848 value.
However, the market is oversold already as indicated by the daily stochastic, this will compel the bulls to cluster around the market soon and move the price to the upside. The upcoming bullish trend pattern may possibly hit the $99.000 high level soon in its medium-term outlook.
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