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AUDJPY Price Analysis – September 6
AUDJPY finally breaks out from a descending trend after its initial failure to push out. Price has been on the decline for a total of 11 weeks before it finally breaks through. There was an initial cause for optimism on the 5th of August 2021, when the market edged out of the descending channel utilizing the 80.760 key level. Price held on for 5 days, but resistance from 81.500 weakened buyers to lead to a precipitous fall in the market, in which price slumped to 78.200.
AUDJPY Key Levels
Resistance Levels: 81.500, 82.090, 82.900
Support Levels: 78.200, 79.800, 80.760
AUDJPY Long Term Trend: Bullish
The plunge in the market from 81.500 to 78.200 was a 3.98% drop in price. This emphasized the dominance of bears in the market at that time. However, buyers employed a morning star candlestick pattern to turn the market in their favor. This helped the Bulls retaliate with a massive 5.39% price increase to reach the 82.090 price level, thereby shrugging off the bears and breaking out of the decline that has plagued the market for weeks.
There is now a pullback in price to the 81.500 support. The retracement at this level is a signal for more bullish actions, as done previously at the 79.800 key level and on the MA period 20 (Moving Average) line. In the Stochastic Oscillator, the signal lines have risen to the overbought region. A cross of the signal lines reflects the current market retracement, but bulls need to be alert to prevent bears from taking over the market.
AUDJPY Short Term Trend: Bullish
On the 4-hour chart, the MA period 20 is seen acting as a support and upholding upward market movement. The retracement of the market is still above the MA line and it is expected to bounce off it to go higher. The Stochastic Oscillator, however, has its signal line break to the downside of the overbought region border after much downward tugging.
The market now hangs in the balance and price could move either way. There is, however, more optimism that the MA period 20 will keep price up and help it pass 82.090 to get to 82.900.
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