• AUD/JPY Price Analysis: Bears sinking in their teeth at H4 support

Market news

9 May 2022

AUD/JPY Price Analysis: Bears sinking in their teeth at H4 support

  • There are prospects of a bearish breakout for a run below 91 the figure. 
  • AUD/JPY is testing critical 4-hour support area. 

AUD/JPY is pressured at the start of the week and extending the longer-term correction, breaking the unimportant 4-hour support level as illustrated in the following analysis. 

AUD/JPY monthly chart

The price is finding resistance on attempts between 94 and 95.70. 

AUD/JPY weekly chart

The price ended the week on the front foot and the wick is compelling as it reflects a lower time frame price action. There could be a test of prior resistance in the forthcoming sessions. Besides that, there are prospects of a downside correction in the medium term.

AUD/JPY daily chart

The bulls are tiring on the daily chart and while there is a possibility of the price moving higher for a test of the recent highs and resistance, the strength of the prior daily bearish impulse and recent deceleration of the corrections, the bias leans bearish. 

AUD/JPY H4 chart

The 4-hour chart has the price moving in on the prior resistance/support structure. Bears need to get below there for prospects of a bearish breakout for a run below 91 the figure. 

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