AUDJPY Is Capitalizing on The Downtrend Formation

AUDJPY Analysis – Market is Capitalizing on Downtrend Formation

AUDJPY is capitalizing on the downtrend formation. The market is primarily determined to sink downward following buyers’ struggle to reach the 95.810 key zone. The new week has already begun, and we anticipate enclosures for sale in the market phase. Since the sellers are now setting the price for the new week as the 95.810 key zone is now being tested, traders willing to hop into the AUDJPY market will therefore follow suit.

AUDJPY Market Levels

Resistance Levels: 95.810, 92.970
Support Levels: 87.260, 80.460

Ever since buying humour was seen as a result of the increase in the volume flow of price created by the buy traders when the price rebounded to the 87.260 trade level, the currency pair has been consolidating inside a declining trend channel. The bullish supply was first seen to have liquidated right from the 80.460 key zone till the price docked at the 95.810 key zone. With the consolidation still in check, the 95.810 market level remains tested.

There has not been a successful breakout in price movement above the 95.810 key level. The Bollinger Band indicator also strengthened the demand area as buy liquidity was unable to break through. The sellers are presently wanting to sink through the market as selling indications have already opened on the AUDJPY price. The price volume trend indicator shows selling composition still engrafted due to price swinging in a bearish channel. The Chainkin Oscillator also shows a buying moment on the decline as sellers are determined to sink the price

Market Expectations

The sellers are already dumping price values on the market. The price should drop to the 92.970 key zone over the week. A bearish disposition is therefore aiming to pull price influence downward in the market. In the market, a decline beyond the 92.970 key level should be expected.