AUDJPY Resumes Its Bearish Trend

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Market Analysis – January 16

AUDJPY market has ascended into a bearish confluence. A bearish trendline crossed the resistance level at 91.180 to form a confluence point for a selloff.

AUDJPY Key Zones

Resistance Zones: 91.180, 95.140, 98.230
Support Zones: 87.890, 85.920, 83.900

AUDJPY Long-term Trend

The sellers gained control of the market after a sell-off of 98.230 was observed. The sell-off caused a bearish shift in the market structure. The Moving Averages (periods nine and twenty-one) crossed below the supply zone to signify the initiation of the downtrend. The Japanese Yen displayed its strength against the weak Australian Dollar.

After multiple attempts to break 91.180, the sellers finally broke through just before the year ended. The previous demand level of 91.180 has taken on the role of resistance.

AUDJPY Short-term Trend

On the four-hour time frame, a double top is visible at 91.180. The bearish reversal pattern led to the cross of the Moving Averages (periods nine and twenty-one). The upper border of the bearish channel has resisted the upward move in the price. Hence, the market is currently diving toward 87.890 as the Japanese Yen keeps gaining value against the Australian Dollar.

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