AUDJPY Begins a Slump as Buyers Fail to Reach the 84.330 Resistance Level


AUDJPY Analysis: Price Begins a Slump as Buyers Fail to Reach the 84.330 Resistance Level

AUDJPY begins a slump as buyers fail to reach the 83.330 resistance level. The market is settling towards the bear direction. Since the buyers could not get to their intended destination, the bears interfered with the price influence, thereby changing its direction. The sellers are now willing to push the price tendency back to the old support level in the market as the strength of the bears is on again.

AUDJPY Price Levels:

Resistance levels: 86.250, 84.330
Support Levels: 80.300, 78.730

AUDJPY Begins a Slump as Buyers Fail to Reach the 84.330 Resistance LevelAUDJPY Long Term Trend: Bearish

The market’s downswing was the first to push price influence downward, breaking over the support levels in the market. The price rallied down to the 80.300 market zone before it finally reached the 78.730 support level. From this scene, the buyers and sellers manoeuvre the price movement and tendency before the bullish height comes into play. The buyers manipulated the market back to a resistance level of 86.250 as the price momentum increased.

However, the buyer holders failed to hold this level, which gave way for sellers. AUDJPY begins to plummet back to the old support level of 78.730. The buyers and sellers’ exposure continue in this movement till the bulls fail to move the price direction to 84.330, where pending orders are. The sellers are now gaining momentum as the market begins to dip. The price momentum indicator shows a signal dropping due to buyers’ failure to push the price influence higher.

AUDJPY Begins a Slump as Buyers Fail to Reach the 84.330 Resistance LevelAUDJPY Short Term Trend: Bearish

The 4-hour chart shows the sellers indicating price movement down to the 80.300 level as the bears manipulate the price tendency. We should therefore expect a bearish overflow in price movement downward since the bulls failed to rally price movement to the 84.330 market level.

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Azeez Mustapha

Azeez Mustapha is a trading professional, currency analyst, signals strategist, and funds manager with over ten years of experience within the financial field. As a blogger and finance author, he helps investors understand complex financial concepts, improve their investing skills, and learn how to manage their money.