AUDJPY Sellers Are Opposing Buying Tendency Across the Market

AUDJPY Analysis – August 8

AUDJPY sellers are opposing the buying tendency across the market. The buying moment across the AUDJPY shows that there has been recent opposition by the sell traders. Traders across the AUDJPY market already expected buying orders to begin to overwhelm the price. However, there have been several pullbacks, holding the buy traders from rising to the upper trend channel of the AUDJPY price.

AUDJPY Price Levels

Resistance Levels: 96.990, 92.360, 91.250
Support Levels: 87.240, 83.840, 78.860

AUDJPY Long-Term Trend: Bullish

Looking at the market playout, buyers can still push off more orders when there is an increase in the flow of traders on the AUDJPY market. If the buyers there trade back to the zone of the upper trend channel, there should also be an expectation of the price ringing up to the 96.990 key level. Since the price first gained buying strength from the 87.240 key level, it has been steadily rising to the 96.990 key zone.

However, the actions of buying ceased across the AUDJPY moment for a while. Therefore, the price fell into a bearish flag channel. Since June, there has been a consolidation swing as the bearish flag is seen on display. The sellers got rejected around the 91.250 key zone and buying activities are currently ongoing. The Parabolic SAR (Stop and Reverse) shows the bearish season on the AUDJPY. Buy traders must therefore be ready to push further on the daily chart.

AUDJPY Short Term Trend: Bullish 

On the 4hr chart, the buying session shows that the price is struggling as buyers try to make the price go up. The sellers are causing a pullback on the AUDJPY price. A retest back to the 91.250 key zone should also be expected before any buying tendency commences.

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