AUDJPY Price Experienced Long Period Sideways Movement, Breakout Is Imminent

AUDJPY Price Experienced Long Period Sideways Movement, Breakout Is Imminent
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AUDJPY Price Analysis – July 19

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: $75, $77, $79
Demand levels: $73, $70. $$66

 

AUDJPY Long-term Trend: Ranging

AUDJPY continue ranging on the long-term outlook. AUDJPY remains at $75 price level consolidating. There was no significant momentum in the AUDJPY market. Both the Bears and the Bulls have lost momentum and the price remains at the same level. The price is enclosed within the two EMAs.
The 21 period EMA and 50 periods EMA are flat horizontally at the $75 price level while the EURJPY price remains trading in between the two EMAs; this indicates that consolidation is ongoing on the daily chart.

AUDJPY Daily chart, July 19

The stochastic Oscillator period 14 is below 75 levels with the signal lines showing no specific direction. 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

AUDJPY medium-term Trend: Ranging

AUDJPY is ranging on the medium-term outlook. The pair has formed a horizontal channel on the 4- hour chart. The sideways movement continues in the AUDJPY market on the 4-hour chart at the $75 price level.

AUDJPY 4-hour chart, July 19

The price is trading over and around the 21 periods EMA and 50 periods EMA. The stochastic Oscillator period 14 is at 75 levels with the signal lines bending down which indicates sell signal.

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About AzeezMustaph

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