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

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 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 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.

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