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Market Analysis – July 11
The AUDJPY currency pair has undergone a notable reversal following a notable uptrend that originated from the support level of 90.30. Over a span of 12 days starting from the first day of June, the price experienced a substantial rise of 738 pips, showcasing significant bullish momentum.
However, a significant development occurred on the 29th of June, as the price breached the previously formed significant low at 95.20. This break in the price level has prompted a notable shift in the market structure, signaling a potential change in the prevailing trend.
AUDJPY Key Levels
Demand Levels:92.40, 90.30, 88.30
Supply Levels: 95.20, 96.80, 97.70
AUDJPY Long-Term Trend: Bearish
Technical indicators have also aligned with this bearish sentiment. The Moving Averages, specifically the crossing of the nine and twenty-one periods, have confirmed the emergence of a new downtrend following the breach of the last significant low.
Furthermore, the Parabolic SAR (Stop and Reverse) indicator also reinforces the bearish outlook, with its points appearing above the daily candles, indicating downward pressure on the price.
AUDJPY Short-Term Trend: Bearish
AUDJPY Short-Term Trend: BearishThe consistent downward close of the daily candles serves as a compelling indication of intense selling pressure in the market. Traders and investors are now anticipating a further drive towards the next significant demand level at 92.40, as the bearish sentiment continues to prevail.
Overall, the AUDJPY currency pair has experienced a significant plunge, marking a clear market reversal and accompanied by several bearish signals. With the breach of the significant low and the confirmation from technical indicators, the focus now lies on the next key support level at 92.40, as the market continues to exhibit strong selling pressure.
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