Forex Trading: AUDJPY Is at $75 Price Level, Potential Reversal Zone

Forex Trading: AUDJPY Is at $75 Price Level, Potential Reversal Zone
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AUDJPY Price Analysis – May 18

In case the $75 level holds, the price will bounce at the level and the trend may change to an uptrend. Should the Bears maintain or increase their momentum; $75 level may be penetrated and the price may target $73 price level.

 

AUD/JPY Market

Key levels:

Supply levels: $77, $79, $82
Demand levels: $75, $73, $70

 

AUDJPY Long-term trend: Bearish

AUDJPY is on the bearish trend on the long-term outlook. The Bears increased their momentum and the AUDJPY price declined further to the low of $75 as it was predicted last week. On May 10, the Bulls tried to oppose the bearish movement but the Bears would not allow. AUDJPY weekly market was closed with a bearish candle which implies that there is a tendency for the Bearish trend to continues next week.

AUDJPY Daily charts, May 18

AUDJPY price is trading below the two EMAs with an increased distance between the EMAs. The 21 periods EMA also remains under 50 periods EMA which connotes a strong bearish trend. The Stochastic Oscillator period 14 is below 25 levels and the signal lines bending down to indicate sell signal and a further decrease in AUDJPY price. In case the $75 level holds, the price will bounce at the level and the trend may change to an uptrend. Should the Bears maintain or increase their momentum; $75 level may be penetrated and the price targets $73 level.

AUDJPY medium-term Trend: Bearish

AUDJPY remains bearish on the medium-term outlook. The Bearish pressure is daily increasing as the price declining towards the $75 demand level. The AUDJPY price is currently placed at $75 level; this is a potential bounce zone. The price reversal at this level depends on the momentum of the Bears. Should the Bears lose their momentum, the price may reverse.

AUDJPY, 4-hour chart, May 18

AUDJPY is still trading below the 21 periods EMA and 50 periods EMA with the two EMAs bending downward to follow the trend. The Stochastic Oscillator period 14 is above 25 levels and the signal lines bending up to indicate a buy signal.

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About AzeezMustaph

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.