AUDJPY Fails to Impress and Sinks Into Depression

Updated:

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 fails to impressAUDJPY 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 fails to impress 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.

You can purchase crypto coins here: Buy coins

Note: Learn2.trade is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results.

  • Broker
  • Benefits
  • Min Deposit
  • Score
  • Visit Broker
  • Fund Moneta Markets account with a minimum of $250
  • Opt in using the form to claim your 50% deposit bonus
$250 Min Deposit
9
  • 20% welcome bonus of upto $10,000
  • Minimum deposit $100
  • Verify your account before the bonus is credited
$100 Min Deposit
9
  • The Lowest Trading Costs
  • 50% Welcome Bonus
  • Award-winning 24 Hour Support
$200 Min Deposit
9
  • Award-winning Cryptocurrency trading platform
  • 14 Cryptoassets available to invest in
  • FCA & Cysec regulated
$200 Min Deposit
9.8

Highly volatile unregulated investment products. No EU investor protection.

  • Over 100 different financial products
  • Invest from as little as $10
  • Same-day withdrawal is possible
$100 Min Deposit
9.8
  • Trade top Cryptos such as Bitcoin, Litecoin and Ethereum plus more
  • Zero commissions and no bank fees on transactions
  • Around the clock service with support in 14 languages
$100 Min Deposit
8.5
  • Award-winning Cryptocurrency trading platform
  • $100 minimum deposit,
  • FCA & Cysec regulated
$100 Min Deposit
9.8
Share with other traders!

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.