AUDJPY Converts the 91.120 Significant Level to a Bearish Hold

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AUDJPY Analysis – May 23

AUDJPY converts the 91.120 significant level into a bearish springboard as the market prepares to drop. Since attaining a level above this 91.120 critical level, buyers have been limited in their actions. The plan among the market investors is to leverage this level to hold off the sellers, but they have now been circumvented as AUDJPY converts this major zone into a bearish springboard.

AUDJPY Significant Levels

Resistance Levels: 95.620, 92.930, 91.120
Support Levels: 87.430, 85.830, 80.260

AUDJPY Long Term Trend: Bullish

The market’s long-term trend remains bullish, notwithstanding the current bearish stunt being carried out by the sellers. The currency pair has taken a subdued position and movement through a triangle design from last year. This led to a breakout and a surge with consecutive bullish candlesticks. However, the strength of the market began to wane as it ascended above the 91.120 key level.

The buy-traders decided to rely on the strength of this key level, and the price was seen to bounce on it twice. This did not last long as the price finally punctured the zone and converts it to a potential bearish reversal zone. The Parabolic SAR (Stop and Reverse) already signifies a downtrend from as far back as the 21st of April, even before the bears puncture the 91.120 critical zone.

AUDJPY Short Term Trend: Bearish

There is a bearish outlook on the 4-hour chart, as shown by the plunge of the MACD (Moving Average Convergence Divergence) line below zero. The 91.120 level is currently acting as a solid resistance after the price slipped below it. Therefore, AUDJPY is being thoroughly defended at this level. The buyers are not giving up without a fight, though, and if they tire out before a breakthrough, the market is likely to drop to 85.830.

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