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AUDJPY Annual Forecast – Price Is Set to Pick Up a Downtrend Format
The annual forecast for AUDJPY shows that prices are set to pick a downtrend format as the seller’s involvement in the market starts to incite. The sellers are currently set to take control as the bulls in the market failed to establish price movement back to the 89.800 significant level. The market’s general trend for the past decade has been more of a bearish trend than a bullish one, and the price is set to continue more in the bearish format as the market unfolds.
AUDJPY Price Levels:
Resistance Levels: 104.700, 89.800
Support Levels: 72.100, 55.800
AUDJPY Long Term Trend: Bearish
The overall market phase began when the bulls first pushed the market structure to 104.700 significant key levels, making it an all-time high. However, it became a strong resistance zone, and the price rebounded back at this level. This, however, gave a breakthrough to the sellers in the market. The price movement falls with a strong liquidity purge downward in the year 2009. This strong liquidity run brought the price level down to 55.800, which is the market’s all-time low.
The bullish engagement then sets into play in the market. As several key levels were broken, the bulls started to take the price upward. The nears are also causing interference. This implies that the bulls’ rally from 55.800, a significant level, was an upswing as higher highs and lower lows were being formed. After a price breakthrough back to 104.700 in the years 2013 and 2015, the sellers swung into action by causing a displacement downward beyond the 72.100 significant level. However, another bullish rally began from here, failing to reach 89.800, and is currently set to follow a bearish format in early 2022.
AUDJPY Middle Term Trend: Bearish
The bullish engagement in the market becomes visible after the bearish downplay in the market on the weekly timeframe. The RSI (Relative Strength Index) indicator shows the price at the middle level as the bearish phase is about to emerge in the market. The Moving Average gives another crossing as bearish plans to engulf price movement back to 72.100 significant level in 2022.
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