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AUDJPY Price Analysis – August 1
AUDJPY downslides after falling through the 82.900 major support. The market had endured a spell of consolidation at the beginning of the year between the 80.760 and the 79.800 key levels. Thereafter, bulls gained strength to travel out of the consolidation. Price ascended till it was rejected at 84.980. AUDJPY fell but recovered in time to find support at the 82.900 key level. From there, it kick-started another ranging movement with the 84.980 resistance.
Resistance Levels: 80.760, 82.900, 84.980
Support Levels: 78.200, 79.250, 79.800
AUDJPY Long Term Trend: Bearish
The 82.900 was tenacious to keep AUDJPY from sinking, despite being breached twice. The same can be said for the resistance at 84.980. Through the consolidation period, the 84.060 key level acted as a midlevel point to support or resist price within the consolidation. It first tried to push price up, but when 84.980 wouldn’t bulge, it then pressured the market downward. It didn’t take long for the 82.900 support to give way and from there AUDJPY downslides.
On its descent, the market tried to spring back from 81.300, but 82.900 now acts as a resistance to it. Price eventually fell back to the level where it began the year at 79.800. Buyers once again reacted immediately to push price up, but the odds remained against them and price has been knocked down once again, below 80.760. The Parabolic SAR (Stop and Reverse) has placed its dots above the daily candles from the 8th of July till today. The market is predominantly bearish.
AUDJPY Short Term Trend: Bearish
The four-hour chart shows the market cranking down a parallel channel. Currently, price is at the upper border of the channel and has been knocked down below the 80.760 resistance. The Parabolic SAR shows that the predominant direction of AUDJPY is downward. The Stochastic Oscillator also has its signal line brooding over the oversold line and is likely to drop deeper into an extreme selling position.
The 80.760 resistance will keep preventing price from going up and the market is expected to follow the descending channel down to the next support at 79.800.
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