AUDJPY Suffers an Unexpected Drop Below 91.120
AUDJPY Analysis – May 16
AUDJPY suffers an unexpected drop below the 91.120 significant level. The price was initially blocked at 95.620, which led to a plunge that was only halted at the 91.120 strong support level. Afterwards, the market started rallying from there, moving upward through a channel. It was a rigid uptrend that violated the 92.930 critical level. However, the currency pair unexpectedly falls to 94.030, breaching the 91.120 strong support level.
AUDJPY Key Levels
Resistance Levels: 92.930, 94.030, 95.620
Support Levels: 87.430, 89.020, 91.120
AUDJPY Long Term Trend: Ranging
Sellers are looking to reclaim the market after buyers pushed the price level with a strong upsurge over two months ago. The market was then anchored above the 91.120 significant level. By the end of March, the sell-traders had revived and started tugging firmly at the market, but the 91.120 key level acted as strong support to keep the market afloat.
Even though sellers became more powerful, market participants did not relinquish control. This can be seen as the price continuing to punch upwards. On the 21st of April, a decisive blow was delivered to the market that saw it lose its gain to 91.120. Another save for the buyers. This defeat did not last long as sellers finally bypassed the 91.120 support after the market suffers another rejection.
AUDJPY Short Term Trend: Bullish
The 4-hour chart shows that the sellers had a free ride after bypassing 91.120 to 87.430. The buy-traders are immediately re-engineering another rise in the market from the 87.430 support. This is confirmed by the RSI (Relative Strength Index), whose line has been redirected upwards from an oversold status. The MACD (Moving Average Convergence Divergence) lines also crossed upward. The 90.480 level is the target.
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