AUDJPY Price: Can the Bears Break Down the Demand level of $72? Author: Azeez Mustapha Last Updated: 03 August 2019 AUDJPY Price Analysis – August 03 As long as the Bears have enough momentum to break down the demand level of $72, then, the next level to look at is the demand level of $70. In case the demand level of $72 holds the price may reverse and soar to the north. AUD/JPY Market Key levels: Supply levels: $73, $75, $76 Demand levels: $72, $70, $69 AUDJPY Long-term Trend: Bearish AUDJPY is bearish on the long-term outlook. Last two weeks, AUDJPY was consolidating within the two EMAs at the demand level of $75 within the horizontal channel. The Bears eventually prevailed over the Bulls last week by breaking out at the former demand level of $75 with strong bearish momentum. The barrier at the $73 price level was penetrated and the price touched the demand level of $72. AUDJPY Daiily chart, August 03 The two EMAs are currently bending towards the direction of the market. The price is trading below the 21 periods EMA and 50 periods EMA at a distance range which indicates strong bearish momentum. The stochastic Oscillator period 14 is below the 20 levels and the signal lines are about bending up which indicates that the Bulls may take over the market soon. As long as the Bears have enough momentum to break down the demand level of $72, then, the next level to look at is the demand level of $70. In case the demand level of $72 holds the price may reverse and soar to the north. AUDJPY medium-term Trend: Bearish AUDJPY is bearish on the medium-term outlook. AUDJPY price broke out of the ranging zone that was experienced in the AUDJPY market last two weeks. The Bears gained momentum and pushed the price down to break the demand level of $73 and the price reached the low of $72. AUDJPY 4-hour chart, August 03 The price continues trading below the 21 periods EMA and 50 periods EMA. The stochastic Oscillator period 14 is below 20 levels with the signal lines pointing up which indicates buy signal and the Bulls may take over the market soon. Please note: insidebitcoins.com is not a financial advisor. Do your own research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results.
