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Market Analysis- March 8
AUDJPY bearish ride is likely to head south. With the sellers attempting to break through the significant level of 97.400, it is clear that the bears are in control. At the beginning of March, the buyers acted as a formidable barrier, preventing the sellers from pushing the price below the 97.400 level. However, their efforts were not enough to sustain a bullish campaign. The bears managed to regain control, leading to a downward trend in the AUDJPY pair.
AUDJPY Key Levels
AUDJPY Key LevelsResistance Levels: 99.100, 98.000
Support Levels: 97.400, 93.700
AUDJPY Long-Term Trend: Bearish
Throughout February, the bulls dominated the market, pushing the price higher. This bullish momentum was ignited when the sellers were rejected at a significant level of 95.480. The Australian market showed strength as it climbed towards the key level of 99.110. However, towards the end of the second month of the year, the price took a U-turn, giving strength to the Japanese market.
In recent days, the bulls attempted to regain control as the sellers hit the 98.000 key level. However, their efforts were in vain, as they were unable to breach this market level. As a result, the AUDJPY pair is currently adjusting back to a sell trend in the market.
Analyzing the price oscillator, we can observe a decrease in momentum, indicating a potential shift in market sentiment. Traders, even at this time, have the opportunity to hit a jackpot of trades with forex signals.
AUDJPY Short-Term Trend: Bearish
If the sellers intensify their efforts, the market is bound to head southward once again. However, they first need to breach the lower level beyond 97.400. This week will be crucial in determining the future direction of the AUDJPY pair.
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