AUDJPY Resists Selling Pressure to Dive Lower

Market Analysis- April 4

AUDJPY resists selling pressure to dive lower. The pair has been facing resistance against selling pressure as it resists diving lower. Despite the recent fall in price, buyers have traded against sellers and pushed the pair beyond the key zone of 98.260.

AUDJPY Key Levels

Resistance Levels: 100.00, 98.260
Support Levels: 96.860, 95.550

AUDJPY Long-Term Trend: Bullish

In recent days, buyers have had the intention of breaking the key level of 100.000. But, this attempt came after sellers pulled out at the 96.860 market level. The bulls were able to gain enough momentum from this key level and push the price up to the 100.000 key zone. However, their success was short-lived, as buyers faced rejection at that spot and started to withdraw.

As buyers kept pulling out, sell traders swung into action. Last week’s trades were fueled by sellers pushing the price down from the 100.000 key level. As a result, the price of AUDJPY traded down to the 98.260 key level. Currently, buyers are resisting the recent sell sentiment, but their strength is yet to overcome the sell side in the AUDJPY market.

AUDJPY Short-Term Trend: Bearish

If buyers can solidify more gains, there is a possibility of seeing a revival of bullish sentiment. However, the opposite scenario can also play out if sellers continue to push the price lower. Therefore, a breach below the 98.260 significant level is plausible and could indicate further downward movement to establish a forex signal.

The Stochastic Oscillator, a momentum indicator, is dragging lower, indicating that sellers currently hold control of the market. This suggests that sellers are still likely to drive the price lower if buy traders pull out again.

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