Forex Trading: AUDJPY May Break Down $75 Level, Targets $73 Level

Forex Trading: AUDJPY May Break Down $75 Level, Targets $73 Level
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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.

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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.