AUD/JPY PRICE ANALYSIS: BEARISH PRESSURE INTENSIFIES, SELLERS EYE THE 20-DAY SMA
- The daily chart reveals an overall positive trend but indicators took a big hit on Friday.
- The hourly RSI hints at a possible short-term upswing following a plunge into the oversold territory.
- The pair might side-ways trade to consolidate Friday’s movements..
The AUD/JPY pair is currently trading at 98.60, showing a substantial decrease of nearly 1%. Despite this decline, the broader trend continues to show positivity, with bulls maintaining their control. In addition, as the downward movements might be over-extended, the pair may enter a consolidation phase.
On the daily chart, the technical outlook for the AUD/JPY pair suggests a positive trend. The latest Relative Strength Index (RSI) reading resides in the positive territory, aligning with the recent upward momentum. Having peaked near overbought conditions earlier in the week, the RSI has now pulled back to a moderate level, pointing towards potential consolidation. Concurrently, the Moving Average Convergence Divergence (MACD) paints a contrasting picture, showing decreasing green bars that signify a slowdown in positive market momentum
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