Forex Trading: AUDJPY May Break Down $75 Level, Targets $73 Level Author: Azeez Mustapha Last Updated: 24 May 2019 AUDJPY Price Analysis – May 24 Should the Bulls defend the $75 level, the price may rally towards $77 – $79 level. In case the Bears maintain or increase their pressure; $75 level may be penetrated and the price may decline to $73 demand level. AUD/JPY Market Key levels: Supply levels: $77, $79, $82 Demand levels: $75, $73, $70 AUDJPY Long-term trend: Bearish AUDJPY maintains its bearish trend on the long-term outlook. Bearish trend continues in the AUDJPY market on the daily chart. The market closed last week with a bearish candle on the demand level of $76. There was a gap between the daily candle formed on May 17 and the daily candle formed on May 20; the price jumped upside and the bearish trend continues slowly to touch the low of $75 level today. AUDJPY, Daily chart, May 24 The 21 periods EMA has crossed below 50 periods EMA and the AUDJPY pair is trading below the two EMAs which indicate a bearish trend in the AUDUSD market. The Relative Strength Index period 14 is above 30 levels and the signal lines bending upside to indicate a buy signal. Should the Bulls defend the $75 level, the price may rally towards $77 – $79 level. In case the Bears maintain or increase their pressure; $75 level may be penetrated and the price may decline to $73 demand level. AUDJPY medium-term Trend: Bearish On the medium-term outlook, AUDJPY remains bearish. The Bears’ momentum is getting weaker as the price is slowly decreasing in the 4-hour chart. This scenario leads to price consolidation. The Bearish pressure has dropped the price at the demand level of $75 today. AUDJPY, 4-hour chart The currency pair is trading and hovering on and around the 21 periods EMA and 50 periods EMA with the two EMAs moving closer to each other as a sign of weak momentum. The Relative Index period 14 is above 40 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.
