Market dump continues on AUDJPY as buyers fail to fully recover after rejection at 85.830. The dump started to increase after the market retested the resistance level and slid through the 84.680 price zone. The market thereafter touches down on 83.110, but the dump continues after a retest below the 84.680 price zone. AUDJPY continues to drop lower under bearish pressure.
AUDJPY Key Levels
Resistance Levels: 85.830, 84.680 Support Levels: 83.110, 81.900
AUDJPY Long Term Trend: Bearish
AUDJPY is now assuming a consolidation phase as the price drops again. There was a previous rise in the market, in which the bulls broke through multiple key levels to reach the 85.830 resistance. Major friction in the upward market movement started when AUDJPY reached the 84.680 zone. Therefore, buyers weakened immediately after they reached 85.830. Following that, price fell through to 78.140, breaking and retesting the key level as it fell.
However, a major bullish revival happened as the price touched down at 78.140. Bulls engineered a market pump using a symmetric triangle system. This led to a surge in which price dashed through all key levels to reach 85.830. However, the resistance at this level remains valid, and a market dump is ensured after. The EFI (Elders Force Index) shows how market dominance has gradually shifted to the bears again.
AUDJPY Short Term Trend: Bearish
The 4-hour chart depicts the price in a current retracement activity, as it has done since the market crash began. The price is set to fall at 83.110, even as the MA period 20 poses as a resistance. The EFI is currently at equilibrium due to the ongoing pullback. AUDJPY market dump is set to continue to the 81.900 support level.
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