AUDJPY Fails to Impress and Sinks Into Depression

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AUDJPY Price Analysis – November 29

AUDJPY fails to impress and drops abysmally to the mid-level of its trading range from May 2021. After failing again to beat the strong weekly key level at 85.830, the market dropped through the price zone at 84.630 that acted as support. The price zone turned into resistance for AUDJPY and only allowed a retest of its lower limit at 84.030 before the price dropped lower. The market again fails to impress at 83.110 and sinks into more depression below 81.500.

AUDJPY Key Levels

Resistance Levels: 0.71500, 0.71040
Support Levels: 0.69460, 0.68000

AUDJPY Long Term Trend: Bearish

The market’s trading level on May 2021 was just below 85.830, where price battled to break through the resistance. The agitations of the market went in vain as buyers weakened. Thereafter, it was a downward spiral for AUDJPY. It took a month for the buyers to regain themselves, at which time the price dropped to 78.140. However, a determined desire to impress eventually forced the market upwards, to which price restored itself to 85.830.

It wouldn’t be a different story though, as AUDJPY fails again at the weekly resistance. Further failure to regain itself led to a further drop below the 81.500 key level, which is the middle level of its trading range from May. The RSI (Relative Strength Index) indicator shows that the market is now fully plunged into a bearish zone as its signal line touches down at the oversold border. The above-candle dots of the Parabolic SAR (Stop and Reverse) confirm the bearish stance of the market.

AUDJPY Short Term Trend: Bearish

On the 4-hour chart, having dropped below the 81.500 price line, there are some rallying movements in the market. Buyers are pushing hard against the price line, but market bearishness remains. The RSI indicator shows that AUDJPY is beginning to make progress upwards as its signal line escapes the oversold regions. A buy signal can be considered when the Parabolic SAR places its dots below the 4-hour candles. If this happens, the price will bypass 81.500 and get to 83.110.

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