AUDJPY Bears Are Taking Another Round at Plunging the Market

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AUDJPY Price Analysis – September 20

AUDJPY Bears Are trying to drown the market again after an initial failure at 78.300. Price broke downward out of distribution to reach for the 78.300 support, but unlike previous times where the market bounced up to break through the support, price kept moving up till it got to the 80.260 key level. Price moved to retest this level before pushing above it, thereby breaking the hold of the bears over the market. AUDJPY would go on to climb to 81.450, but the bulls weakened, and price slump down.

AUDJPY Key Levels

Resistance Levels: 80.260, 81.450
Support Levels: 79.300, 77.190

AUDJPY Long Term Trend: Bearish

Price began a downtrend after forcing its way below the 84.220 key level. On its way down, the market adopted an undulating method of falling in which it bounces off support before drilling through it forcefully. This continued until price fell into distribution between 81.450 and 80.260, in which price had to bounce twice on 80.260 before plummeting down to 78.300, where price suffered rejection and was redirected.

AUDJPY beat a retreat from the 78.300 support to climb above 81.450, but renewed bearish pressure caused it to begin another downtrend as bears are determined to continue plunging the price. The EMA period 20 (Exponential Moving Average) has returned above the daily candles to show that bears are pushing to continue their bearish action. The EFI (Elders Force Index) temporarily moved positively but has now plummeted to a negative value to show bearish dominance.

AUDJPY Short Term Trend: Bearish

On the 4-hour chart, price is falling gently, but at intervals, the market tries to rally back up but bears often overpower the market. This happened on the 10th and 17th of September where AUDJPY temporarily rose above the EMA period 20. Those two instances cause the EFI power line to bump into a positive value before dropping below the zero level again.

Generally, AUDJPY remains a bearish market and we expect to see the price fall to 78.300 before further reactions.

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