AUDJPY Price Retreats Within Descending Wedge Pattern
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AUDJPY Price Retreats Within Descending Wedge Pattern

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Azeez Mustapha

Updated:

Market Analysis: August 15

The AUDJPY currency pair is presently undergoing a corrective phase as observed on the daily chart. The price trajectory was guided higher by Moving Averages until a bearish market shift became evident in July. These events underscore the rapid shift in market sentiment.

Key Levels For AUDJPY

Demand Levels: 94.10, 95.80, 96.89
Resistance Levels: 92.80, 92.00, 90.20

AUDJPY Price Retreats Within Descending Wedge Pattern Long-Term Trend For AUDJPY: Bearish

A significant selling pressure was triggered on July 19th as the Stochastic oscillator entered the overbought territory. Subsequently, the exhaustion of buying momentum was revealed by the Stochastic, leading to a price plummet below the 9 and 21-period Moving Averages.

At present, the daily candlesticks are confined within a bearish channel, aligning with the ongoing price decline. The Stochastic oscillator also underscores the prevailing bearish sentiment in the market, adding weight to the downside potential.

AUDJPY Price Retreats Within Descending Wedge PatternShort-Term Trend For AUDJPY: Bearish

The price is currently ascending towards the resistance trendline of a descending wedge pattern. Concurrently, the Stochastic oscillator is showing oscillations towards the overbought region. Anticipating the engagement of sellers at the resistance trendline, a decline towards the 92.00 level is projected.

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