The AUDJPY pair is now trading in the lower support area.
Responsible selling can be considered in key areas.
AUDJPY Weekly Price Analysis: August 22nd
The downtrend may continue as long as the support level of $ 78,244 is maintained.
Resistance levels: $ 85,270, $ 85,280 $ 85,290
Attendance levels: $ 78,250, $ 78,240, $ 78,230
AUDJPY Long term trend: bearish
The Bears made a progressive move south with a tap on the support line and stayed below it at $ 78,244 in the support area as the low reached by the pair on August 19th.
A $ 78,353 doji bullish candle opens today’s daily chart in the resistance zone, an indication of a trend reversal.
The price of AUDJPY rises to $ 78,632 in the resistance zone below the EMAs, suggesting that sellers control the market.
Therefore, the stochastic signal that points around the 8% level in the oversold zone suggests that the price boost of the AUDJPY is likely to experience a change in trend in the coming long-term days.
AUDJPY Medium term trend: bearishIn terms of the medium-term outlook, the momentum shows a downward trend. Sustained bearish pressure pushed the pair to $ 78,353 in the support zone during yesterday’s session.
The downward journey continues as the 4-hour chart opens today at $ 78,579 in the support zone.
Vendors ’activities also lower the price to $ 77,895 in the support area.
Bulls record a return and raise the price of AUDJPY to $ 78,534 in the resistance zone.
The bears took over and lowered the price of the yen to $ 78,312 below the two EMAs in the support zone; this implies that the price boost of AUDJPY is in a downward trend.
The stochastic signal that points around the 20% level in the oversold region, suggests that it is likely that the pair may experience a trend reversal in the next few days in the medium term.
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