AUDJPY Price Analysis – April 26
AUDJPY is currently consolidating at $79 level. Increase in the Bulls’ momentum will increase the AUDJPY price to $82. Rising channel pattern formation confirmed on the 4-hour chart.
Supply levels: $79, $82, $83
Demand levels: $77, $75, $73
AUDJPY Long-term trend: Bearish
On the long-term outlook, AUDJPY is on the bearish movement. AUDJPY was trading inside the ascending channel last week with the price above the former demand level of $79. The Bears gained momentum and exerted pressure on the price, the former demand level of $79 could not hold and the price broke down the mentioned level with the formation of bearish candles. The AUDJPY price is moving down towards $77 level.
The 21 period EMA is currently above the 50 periods EMA trying to cross over. AUDJPY has crossed the 21 periods EMA and 50 periods EMA downside and it is currently trading below the two EMAs; this indicates that the Bears are gradually taking over the AUDJPY market. The Stochastic Oscillator period 14 is at 25 levels and the signal lines bending down to indicate sell signal. Further increase in the Bears’ pressure will decline the price of AUDJPY price and that may reach to $77 level.
AUDJPY medium-term Trend: Bearish
AUDJPY is bearish on the medium-term outlook. The Bears prevailed over the Bulls and there was a breakout at the lower trend line of the ascending channel and the demand level of $79. The bearish momentum rolled the AUDJPY price down towards $77 price level. The currency pair is currently observing a pullback towards the dynamic resistance level of 21 EMA.
The Stochastic Oscillator period 14 is at 50 levels with the signal lines pointing up which indicate buy signal but it may be a pullback.
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