The currency pair is likely to reverse and face the upside soon.
Bears may have temporal control.
AUDJPY Weekly Price Analysis – June 13
AUDJPY is most likely to experience a trend reversal, should the buy traders increase their price actions and the current support level at $95.555 holds, the price will appreciate and face the positive side to retest the previous high at the price of $98.388 level.
Resistance levels: $98.300, $98.400 $98.500
Support levels: $95.300, $95.200, $95.100
AUDJPY Long-term Trend: Bullish
The currency pair is in a bullish trend zone in the higher time frame. Meanwhile,, the short traders are now involved in the order flow as the price bar is seen above the EMA-50 buy below the EMA-9. Based on the outlook, the AUDJPY price will rise further soon, as the market is oversold already.
The sustained bearish pressure dropped the pair down to a low at $96.601 level and closes at the $96.093 support level during yesterday’s session.
The journey to the south continues as the daily chart opens today with a bearish candle at $96.142 and further drops to $95.555 below the EMA-9. This implies that the AUDJPY pair is still in an uptrend.
However, the Yen is now trading at the oversold region of the stochastic oscillator; this indicates a possible rise in the price of the currency pair in the days ahead in its higher time frame. In this case a continuation of an upward trend.
AUDJPY Medium-term Trend: Bearish AUDJPY is showing a bearish scenario in its Medium-term outlook. This is due to the inflow from the short traders. The price bars which are retracing at the moment are now facing the upside.
After a series of interactions by the sellers, the bulls made a correction at a $95.810 high level and further appreciate to a high at a $96.108 level below the two EMAs as the 4-hourly chart begins today. This implies that the buyers are coming into the market gradually to resume the upside move.
Additionally, the AUDJPY pair will go long soon as the market selling pressure has ended. This will compel the long traders to cluster around the market and dominate.
With this new trend pattern, the price might possibly retest the previous high at $98.599 level soon in its lower time frame.
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