InsideBitcoins.com

Forex Trading: AUDJPY Is Expected to Continue Its Bearish Trend After the Pullback

AUDJPY Price Analysis – May 11

AUDJPY may decline to $75 level should the Bears increase their momentum and the $77 level does not hold. In case $77 level holds, the price may bounce and rally to the north.

 

AUD/JPY Market

Key levels:

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

 

AUDJPY Long-term trend: Bearish

On the long-term outlook, AUDJPY is on the bearish movement. AUDJPY is under bearish pressure. The price was above the $77 level last week; the Bears increased their momentum and penetrated the former demand level of $77 downside. The price moved towards $75 level but could not reach the mark. The daily candle formed today is bullish which may serve as a pullback before the continuation of a bearish trend.

AUDJPY Daily chart, May 11

The 21 periods EMA has crossed the 50 periods EMA downside as a sign of bearish trend while AUDJPY price trading below the two EMAs with a distance between the EMAs and the price which indicate increased bearish momentum. The Moving Average Convergence Divergence period 12 with its histogram is below zero levels and the signal lines bending down to indicate sell signal and a further decrease in AUDJPY price. Further declination of AUDJPY price is envisaged, should the Bears maintain or increase their momentum the currency pair may find its support at $73 level. The price may reverse at $75 level in case the Bulls defend the level.

AUDJPY medium-term Trend: Bearish

AUDJPY is bearish on the medium-term outlook. The Bears has not to relent their pressure over the AUDJPY price. The price is decreasing steadily towards $75 demand level after passing through the barrier at $79 and $77 price level.

AUDJPY 4-hour chart, May 11

AUDJPY is still trading below the 21 periods EMA and 50 periods EMA with the two EMAs bending to the south to indicate bearish strength. The histogram of MACD period 12 is above zero levels and the signal lines bending up to indicate a buy signal.

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.

Top brokers for buying and trading cryptocurrencies

  • Platform
  • Features
  • Rating
  • Visit Site
  • Excellent choice for U.S. customers
  • Paypal accepted
  • CySEC & FCA regulated
  • Buy 12+ cryptocurrencies
4.5/5

eToro Reviews

    eToro Reviews

    https://insidebitcoins.com/visit/etoro-newsCreate your account
    Hide eToro Reviews
    • Best broker for non-US countries
    • Established stock-exchange listed company
    • Trade crypto CFDs, forex and stocks
    • No withdrawal or deposit fees and low spreads
    4.5/5

    Plus500 Reviews

      Plus500 Reviews

      https://insidebitcoins.com/visit/plus500-newsCreate your account
      Hide Plus500 Reviews
      Remember, all trading carries risk. Views expressed are those of the writers only. Past performance is no guarantee of future results. The opinions expressed in this Site do not constitute investment advice and independent financial advice should be sought where appropriate. This website is free for you to use but we may receive commission from the companies we feature on this site.

      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.