AUDJPY has established a new selling trend, as evidenced by five consecutive days of down-close candles. This bearish swing emerged following the test of the resistance level at 97.570 in June, indicating a significant turning point for the market. The Relative Strength Index (RSI) further confirmed the overbought condition present at this key level, signalling a potential shift in market sentiment.
The Parabolic SAR (Stop and Reverse) indicator offers valuable insights into the current price movement of AUDJPY. Clearly depicting a declining price trend, the SAR points hover above the daily candle, suggesting a bearish bias.
Notably, the recent market behaviour displayed a pullback to the equilibrium of the trading range before resuming the ongoing sell-off. As the selling pressure regained momentum, the price is currently heading towards a significant support level of 93.230.
AUDJPY Short-term Trend: Bearish
The bearish sentiment persists, as evident on both the 4-hour chart and the daily chart, with the RSI indicating bearishness. Additionally, a well-defined bearish trendline on the 4-hour chart seems to serve as a reliable anchor for shorts, providing a potential opportunity for traders looking to capitalize on the current downtrend.
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AUDJPY Short-term Trend: Bearish
