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AUDJPY is losing bullish momentum as it drops below the 84.210 resistance level. The bulls caused a rise to the 84.210 level. This, however, gave the sell traders the motive to influence the price tendency. The currency pair’s orientation trades in a general bullish flow, but the short traders are now involved in the order flow. As an outcome of low bullish momentum, the sellers are hindering the market from smashing through the resistance zones. Therefore, if the bulls increase their tension in the market, the price tendency will move above the key levels.
AUDJPY Important Levels
Resistance Levels: 86.020, 84.210 Support Levels: 80.370, 78.850
AUDJPY Long Term Trend: Bullish
Around May, the market’s price breakdown first assumes accumulation. As a result, there was more room for reduced distribution in the market. The price was sold down to a critical low of 78.850 by the bears. This level was then retested twice more, each time with the market forming a “w” shape pattern before reversing bearishly. The market was propelled higher by the bulls until it reached a new high of 86.020 resistance.
As a result of price rejection at this level, there was an immediate reversal. Sellers drove the price lower until a price consolidation occurred between 84.210 and 80.370. Buyers must redouble their efforts to forecast a bullish increase in the market above the 84.210 level. Instead, as momentum continues to deteriorate, the sell will intensify. The RSI (Relative Strength Index) indicates a likely bullish increase because the price signal has already risen below the middle level.
AUDJPY Short Term Trend: Bullish
Despite the interference of short-term traders in the price flow, the 4-hour chart market shows a bullish race. The Bollinger Bands have already widened their gap, indicating that the bulls are regaining market strength. When the price breaks through the middle band, we can expect a retest before the bullish push to the 84.210 resistance level begins.
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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.
