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AUDJPY May Break Out at Demand level of $75

AUDJPY Price Analysis – July 26

In case the Bulls prevail over the Bears, the price will rally towards the supply level of $77. Should the Bears push the price down below 21 periods EMA and $75 level, the price will find its low at the demand level of $73

AUD/JPY Market

Key levels:

Supply levels: $76, $77, $79
Demand levels: $75, $73, $70

AUDJPY Long-term Trend: Ranging

On the long-term outlook, AUDJPY continues ranging. The AUDJPY still enclosed within the two EMAs. AUDJPY continue consolidating at the demand level of $75 within the horizontal channel. The Bulls’ and the Bears’ momentum are at equilibrium. Sideways movement within the channel continues until the Bulls or the Bears break out at $76 supply level and $75 supply level respectively.

AUDJPY Daily chart, July 26

The two EMAs remain flat horizontally at the demand level of $75 while the price continues ranging movement in between the 21 period EMA and 50 periods EMA; this indicates that consolidation continues in the AUDJPY market. Nevertheless, the stochastic Oscillator period 14 is below 40 levels with the signal lines pointing down which indicate sell signal. In case the Bears were able to break down the demand level of $75, the price may target $73 demand level. In case the Demand level of $75 holds, consolidation within the channel may continue.

AUDJPY medium-term Trend: Ranging

AUDJPY is ranging on the medium-term outlook. AUDJPY continue a sideways movement within the horizontal channel in the 4-hour chart at the $75 price level. The Bears are making attempt to break out at the $75 level as at the time of writing this report.

AUDJPY 4-hour chart, July 26

The price is trading below the 21 periods EMA and 50 periods EMA. The stochastic Oscillator period 14 is below 25 levels with the signal lines pointing down which indicates sell signal.

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      Azeez Mustapha is a technical analyst with many years trading experience in the stock exchange and crypto markets. He has broad experience in forex trading, coaching, and funds management.