The AUD/JPY is currently trading at around 97.90, reflecting a decrease of 0.55% in Wednesday's session.
Although the daily RSI MACD on the AUD/JPY hints at fading momentum, buyers continue establishing their upper hand.
However, the hourly chart indicators suggest stronger selling activity with the RSI venturing into oversold regions.
In Wednesday's session, the AUD/JPY fell to around 97.90, losing 0.55%. The short-term technical outlook hints towards a shift in command from the bears to the bulls while the overall bullish trend remains positive.
On the daily chart, the Relative Strength Index (RSI) for the AUD/JPY pair remains in positive territory, although with a declining trend. Despite the recent dip in the RSI, considering it still sits above the 50 mark, the buying pressure somewhat outweighs the selling pressure in the prevailing market conditions. However, a continuous downtrend, indicated by the RSI's negative slope since its recent peak, signifies a weakening in the buying momentum.
On the other hand, witnessing decreased green bars in the Moving Average Convergence Divergence (MACD) histogram indicates cues for a potential shift in trend. A falling MACD histogram generally means that the positive momentum is dwindling, indicating the sellers might be set to take control
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