AUDJPY Suffers Rejection Again; Price Fails to Reach a Three-Year High

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AUDJPY Price Analysis – November 8

AUDJPY suffers rejection for the second time in the space of about 6 months. The market has thus failed to attain a 3 year high at 87.430. When the market was surging up to test the resistance 85.830, it pulled back after climbing above 84.220. After that, the price was pushed higher to break the resistance, but it was to no avail as AUDJPY suffers instant rejection. Though buyers remained persistent, multiple failures eventually weakened them and price drops.

AUDJPY Key Levels

Resistance Levels: 85.830, 87.430, 84.220
Support Levels: 83.110, 80.260, 78.140

AUDJPY Long-Term Trend: Ranging

There has been tremendous groundwork from the buyers after the market first suffers rejection on the 10th of May at 85.830. The slump in the market was combated using several key levels and market formation. The price was then forged to conform to a triangle arrangement, which tapered the market’s movement until it gathered momentum and sprung up through the 80.260 support level.

A strong upsurge received further support from 83.110 on its way up till the market hit the 85.830 resistance level. Once again, the resistance level remains impenetrable, as it holds fast against multiple barrages from the buyers. The MA period 10 (Moving Average) also acted as support for the market all the while, but price has broken through it as buyers weaken. In addition, the market has now dropped below the 84.220 price line as the Stochastic Oscillator plunges to the oversold region.

AUDJPY Short Term Trend: Bearish

On the 4-hour chart, the price has dropped further below 84.220, where it is having a tough time reviving. The MA period 10 remains in a plunge while the Stochastic Oscillator has dropped to the oversold region with multiple crosses. The market is expected to plunge further to find strong support at 83.110, where the market can find support for another bullish assault at the 85.830 resistance, which may lead to a ranging movement.

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