AUDJPY Is Likely to Make a Progressive Pullback - Market Analysis
Login

AUDJPY Is Likely to Make a Progressive Pullback Before It Continues Its Bearish Trend

Estimated Reading Time: 2 minutes

Azeez Mustapha

Updated:

AUDJPY Price Analysis – August 23

AUDJPY is likely to make a progressive pullback before resuming its current bearish trend. After breaking through the trendline and then a key support zone at 80.200, AUDJPY broke another significant key area at 79.000. There is a change in the market as bulls start to apply pressure, which has noticeably increased. The market is likely to make a retracement to 79.00 and then make a rebound or break above it.


AUDJPY Significant Zone

Resistance levels: 77.900, 79.000
Support level: 80.200, 81.600

 

AUDJPY is likely

AUDJPY Long Term Trend: Bearish

Following a massive breakout at the 80.2 support zone, AUDJPY kept falling. It is now likely to make a progressive pullback before continuing in its bearish trend. This pullback will be due to the buyers’ pressure, and the price will then try to go up a little before the progression of the bearish trend. This pullback by AUDJPY will then create a lower high.

At this point, the market is probably going to make a retest at the old support level of 77.90. It may further pull back from the support zone of 80.200. The Stochastic Oscillator clearly shows a golden cross near the 0.00 level. Therefore, this means that there is a change in the direction of the price movement. The price will tend to react up before the bearish trend continues.

AUDJPY is likely

AUDJPY Short Term Trend: Bullish

On the 4-hour chart, there appears to be a gradual pullback as the market begins to reverse its direction. The parabolic SAR (Stop and Reverse) indicates the emergence of a new direction. It displays three dots beneath the lower low. This confirms a progressive pullback. The stochastic Oscillator also shows a significant upward push. The market appears to be making a gradual return to the previous significant zone of 79.000. It could either break it upwards or retest it and continue in the bearish trend direction.

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
  • Award-winning Cryptocurrency trading platform
  • $100 minimum deposit,
  • FCA & Cysec regulated
$100 Min Deposit
9.8
  • 20% welcome bonus of upto $10,000
  • Minimum deposit $100
  • Verify your account before the bonus is credited
$100 Min Deposit
9
  • Over 100 different financial products
  • Invest from as little as $10
  • Same-day withdrawal is possible
$250 Min Deposit
9.8
  • The Lowest Trading Costs
  • 50% Welcome Bonus
  • Award-winning 24 Hour Support
$50 Min Deposit
9
  • Fund Moneta Markets account with a minimum of $250
  • Opt in using the form to claim your 50% deposit bonus
$250 Min Deposit
9

Learn to Trade

Never Miss A Trade Again

step 1
Signal Notification

Real-time signal notifications whenever a signal is opened, closes or Updated

step 2
Get Alerts

Immediate alerts to your email and mobile phone.

step 3
Entry Price Levels

Entry price level for every signal Just choose one of our Top Brokers in the list above to get all this free.

Share with other traders!

telegram
Telegram
forex
Forex
crypto
Crypto
algo
Algo
news
News