The AUDJPY pair is in a bearish market in both outlooks
Sellers may have a temporal dominance in the market as the selling pressure seems exhausted.
AUDJPY Weekly Price Analysis – March 12
The AUDJPY pair is currently moving downward; a potential reversal is about to occur at the $88.627 current support level. The pair might soon start reversing after finishing the downward correction in the interim. The aim could be the upper resistance trend line of $98.000 if this is accomplished.
Resistance levels: $95.000, $96.000 $97.000
Support levels: $90.000, $89.000, $88.000
AUDJPY Long-term trend: Bearish
AUDJPY is in a bearish market zone in its long-term perspective. As an outcome of low bullish momentum, sellers are hindering the market from smashing through the resistance zones.
The sustained bearish pressure at the $90.482 low value during yesterday’s session had made it capable for the price to remain in a downward trend.
As the daily chart opens today with a bearish candle at the $89.704 support level beneath the moving average lines, the downward trip continues. This is an indication of a more bearish impact on the currency pair.
As of the time this piece was being written, the Yen’s price had fallen to the $88.627 support level due to the sellers’ impulsive move. The pair may likely revert and go to the upside if the bulls alter their stance and trade with the short traders at the aforementioned support level.
The bulls will be forced to resume the next upward movement because the AUDJPY price has fallen below the 10% range of the daily stochastic. As a result, the price may rise quickly to retrace its steps to the $98.000 upper high level in the long run.
AUDJPY Medium-term trend: Bearish
The momentum on the medium-term time frame is also distinctly bearish. Nevertheless, it seems the bulls will take over the price of AUDJPY soon and push us higher as the market now trades at the oversold region. The bearish pressure at the $89.390 support value during yesterday’s session has contributed to its downward trend in its recent low.
The $89.140 support level which is below the two EMAs serves as the opening point of the 4-hourly chart for today. This means that the market is currently experiencing a stronger and more active inflow of sellers.
An increase in selling pressure caused Yen’s price to further decline, reaching a low of $88.627 value below the moving average.
While the market is pointing up in the oversold area, we, therefore, have a bullish bias that the AUDJPY price will rise from the support soon. The price of the Yen may climb if buying pressure picks up, and in the coming days, according to its medium-term forecast, it may conceivably approach the $98.000 upper supply level.
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