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AUDJPY Price Is Consolidating at $73 Level Awaiting a Bearish Breakout

AUDJPY Price Analysis – June 22

In case the Bears increase their momentum, $73 demand level may be broken down and expose the $70 demand level. Should the demand level of $73 holds, the price may rally towards $75 level.

 

AUD/JPY Market

 

Key levels:

 

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

 

AUDJPY Long-term trend: Bearish

 

On the long-term outlook, AUDJPY is bearish. The Bears increased their momentum and the AUDJPY price decreases further towards $73 demand level. Immediately, the AUDJPY price reached the demand level of $73, the Bulls lost the momentum and the Bears lose the pressure and the price started consolidating at the demand level of $73.

AUDJPY, Daily chart, June 22

The AUDJPY price retains its trading below the 21 periods EMA and 50 periods EMA with an increase in the distance between the currency pair and the two EMAs. The bearish momentum increased as the distance between the currency pair and the two EMAs increased. The stochastic Oscillator period 14 is below 25 levels and the signal lines close to each other indicate that consolidation is ongoing in the AUDJPY market. In case the Bears increase their momentum, $73 demand level may be broken down and expose the $70 demand level. Should the demand level of $73 holds, the price may rally towards $75 level.

AUDJPY medium-term Trend: Bearish

AUDJPY is bearish on the medium-term outlook. On June 18, the AUDJPY price was at $73 demand level. The currency pair started the sideways movement due to low bearish momentum and low bullish pressure.

 

AUDJPY 4-hour chart, June 22

The price is trading on and around the 21 periods EMA and 50 periods EMAs which indicates that consolidation is ongoing in the AUDJPY market

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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.