AUDJPY Price Retreats Within Descending Wedge Pattern

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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

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.

Short-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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