The AUDJPY Market Continues Its Bearish Order Flow

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Market Analysis – January 2

The AUDJPY market continues its bearish order flow. The key level at 91.20 failed to hold. The same level has been converted to function as resistance.

AUDJPY Key Levels

Supply Levels: 91.20, 92.60, 94.0
Demand Levels: 89.20, 87.90, 87.00

AUDJPY Long-term Trend: Bearish

The AUDJPY market is on a downward trend. The market was oversold in September. The daily candles slipped below the key level Moving Averages (periods nine and twenty-one). The market retested the 95.40 supply level, where it resumed the bearish trend. The Moving Averages crossed above the 95.40 supply level to confirm the downtrend.

The bearish trend-line resisted the upward motion in the price action. The upward movements appeared to be corrections in the bearish market. The market delivered a very prominent impulsive move to the demand level of 87.00. The demand level at 87.00 was in the oversold region. The market retraced to 91.20. The former demand level fostered a sell-off as a new supply zone.

AUDJPY Short-term Trend: Bearish

The market has resumed its bearish trend. The bearish order block has fostered a fall in the market price. The market is expected to fall back to 87.00.

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