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AUDJPY Analysis – Market Stays Bearish as Price Deploys Back to the 91.8100 Key Zone
AUDJPY stays bearish as price tends to flirt back to 91.8100 key zone. The selling price has been making a massive deployment downward all of the last two weeks. However, this indication shows us that the possibility of sellers dominating so well is higher in the coming days. The bears will therefore cause the price tendency to be deployed down to the 91.8100 trade level as sellers continue to hold influence. Market traders looking for a sell opportunity can look forward to getting a perfect entry this week as bearish composition continues.
AUDJPY Key Levels
Resistance Levels:95.81000, 91.81000
Support Levels: 87.2500, 81.8900
The bulls had previously struggled to maintain a perfect relationship with the AUDJPY market trend. Despite having all the upper hand before, it seems to be left out of the equation. The bullish setup from the consolidation level at the 91.8100 key zone provided a solid foundation for the price to rise and break through the 95.8400 key zone. With enough buying power, this setup was attained after so much consolidation and the price’s inability to break over this strong resistance level in the past months. The buying progression could have continued but somehow failed after the rise above the 95.8400 significant zone.
At this point, we have begun to see price reversals as the currency pair traded against the buyers. As a result, the sellers devalued the price trend below 95.8400, the key zone. The price is currently back in the ranging channel as we anticipate a drop close to the 91.8100 market level. The Moving Average Crossing has been indicted with a cross over to illustrate that sellers are still in control as we expect a price drop in the coming days. The Average Directional Index is also increasing in strength as the bearish arm gets stronger to go lower on the daily chart. A decline down to a significant level of 91.8100 is anticipated.
The bears are running with liquidity shown downward on the 4hr chart. The moving average 9 to 21 crossing is expanding as the bear keeps going lower. Selling focus is bound to continue as the Stochastic Oscillator also leads in selling moments for a bearish dump back to the 91.8100 key zone.
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