The hourly chart portrays the RSI in the oversold territory, signaling a potential short-term rebound.
On a broader perspective, the AUD/JPY remains above the main SMAs, indicating long-term bullish sentiment.
The daily RSI is also in negative territory, showing increasing selling pressure.
In the next sessions, the sellers may take a step back to consolidate their movements.
In Friday's session, the AUD/JPY pair is now trading at 97.49, demonstrating a loss of 0.38%. While the pair is currently dominated by sellers, oversold conditions seen on the hourly chart suggest that the pair may see some upside in the short term to consolidate.
Analyzing the daily chart, the pair's Relative Strength Index (RSI) sits in negative territory, showcasing stronger selling momentum. In line with that, the Moving Average Convergence Divergence (MACD) histogram shows increasing negative momentum with rising red bars. Despite the ongoing bearish tendency, the pair manages to stay above the 100 and 200-day Simple Moving Averages (SMAs), which signifies a favorable condition for the bulls overall
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