AUDJPY Analysis – Market Sequence Pursues a Bearish Period Below 81.920
AUDJPY market sequence pursues a bearish period as the price continues to drop below the 81.920 price level. The market juncture is currently in a bearish era, so more prices are anticipated to be sold short. The buyers buying long positions are finally holding pressure off the market as more price action unfolds. The market is therefore analyzed to proceed with the bearish demand phase.
AUDJPY Key Levels:
Resistance Levels: 86.060, 84.160 Support Levels: 81.920, 78.750
AUDJPY Long Term Trend: Bearish
The market ordeal in price demand was first assessed to be gapped between the two prospects in the movement. Both prospects were singled out in a range before the bulls stepped in with early price action influence. The price level, on the other hand, climbed to a new significant high of 86.060 as the bull trend gained momentum. The sellers also disguise their actions by directing price influence in their favor. They singlehandedly brought price movement down to a 78.750 significant level.
Furthermore, the bulls also trickled the price level from the 78.750 key level by outlining the bears with a strong candlestick formation. The market’s recent rally bounced to the 84.160 significant level, and the sellers are taking over after a retest at this level. The sellers, having broken the 81.920, now seek to go lower as the RSI (Relative Strength Index) indicator shows the sellers’ strength display on the 1-day chart.
AUDJPY Short Term Trend: Bearish
On the 4-hour chart of the market display, the market trend shows a change in trend from the buyers to the sellers. The bears are now engrafted into the price and are ready to drop downward. The Parabolic SAR (Stop and Reversal) keeps indicating a downtrend market display as its sequence continues to move with more momentum. The sellers are, however, poised to push the bearish sequence downward beyond the 81.920 price level.
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