The AUDJPY pair is in a bearish scenario.
The currency pair is very likely to jump soon.
AUDJPY Weekly Price Analysis – October 15
AUDJPY selling pressure may possibly end, the price will jump soon and the pair could be ready for an upward movement. If the buy investors could prove stronger the more and the price shows sustainability above the $97.57 resistance value, its upsides should extend further. Then we can expect a shift in trend to reach a $98.00 upper resistance level.
Resistance levels: $95.500, $95.600, $95.700
Support levels: $87.000, $86.000, $85.000
AUDJPY Long-term Trend: Bearish
AUDJPY’s price is bearish. The market now trades below the moving averages; this affirms its bearish race in its long-term outlook. Further, the pair will jump soon as the market selling pressure seems exhausted.
The bears’ drop to the $94.58 low level, during yesterday’s session has made the currency pair remain in a downtrend zone in its recent low.
The market price of AUDJPY is currently trading at the $94.32 support value below the resistance trend line in the long-term outlook. This is due to the high inflow from the short traders and suggests a bearish momentum.
Hence, if the bulls could increase their buying intentions and exchange hands with sellers at the mentioned support, the Yen price might jump up to retest the previous high at $97.57 value which could signify a shift in the market dynamics.
Such a breakthrough would provide an opportunity for buyers to regain control and potentially drive the price of AUDJPY toward the $98.00 mark.
In addition to that, the market now approaches the oversold region; this means that the bearish run will end soon. In light of this, the price of AUDJPY will jump soon and the $98.00 supply level might be the target of the bulls in the long-term outlook.
AUDJPY Medium-term Trend: Bullish
The pair also trades in a bearish trend market in the medium-term outlook. This is due to the high impact of the short-term traders on the price flow.
The sell traders made a downward move to the $94.45 support level before the end of yesterday’s session. This gave sellers more strength to continue with the trend in its recent low.
The price of AUDJPY at the $94.37 low value below the EMA as the 4-hour chart opens today is a result of low bullish momentum.
Thus, if the bulls can put extra effort into the price action, the price of AUDJPY could turn positive and break above the $96.92 supply mark, which will put further selling pressure into hibernation.
In continuation, the market price of AUDJPY is in the oversold region of the daily stochastic, this means that the selling pressure has reached an exhaustion, and the expected jump in the price could be high at $98.00 swing high in the coming days in its medium-term outlook.
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