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AUDJPY Analysis – August 1
AUDJPY downtrend movement aims to hit the lower channel boundary. The AUDJPY strength has never been in doubt recently as the sellers have been engaging in price action towards the lower trend line. This implies that we should anticipate a downward motion, and the price will certainly break through the 91.230 order block. With the price setting back to the lower channel of the trend channel, there could be a rebound, which will give way for buyers to set in on the daily chart.
AUDJPY Price Levels
Resistance Levels:96.910, 91.230
Support Levels: 87.210, 78.840
AUDJPY Long-Term Trend: Bearish
The selling influence is currently pushing the AUDJPY downward as the Bollinger Band indicator has rebounded from the upper band.
The buyers were apprehended at the upper trend channel as they failed to progress to the 96.910 key zone. The Momentum indicator displayed a decrease in buying moments following the selling playout on the AUDJPY market. The buy session has been driving the Australian JPY strength for some time. This occurred after an influx of buyers came into play as the 87.210 key zone was broken.
This eventually stimulated more buying actions till their arrival at a significant level of 96.910. However, selling moments began to appear following this rally, as the market is currently inside a descending trend channel. The sell traders have now broken through the middle level of the Bollinger Band indicator following a downtrend session. We should therefore expect more tension as prices drop lower on the daily chart.
AUDJPY Short Term Trend: Bearish
The sellers are now disposing of more supply at the AUDJPY price. More drops should therefore be expected on the 4hr time frame as the momentum indicator is currently increasing. The AUDJPY sellers will therefore smash through the 91.230 key level as the selling impact continues.
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