fxs_header_sponsor_anchor

News

AUD/JPY Price Analysis: Aussie soars, buyers start to back off on the hourly chart

  • The daily chart presents a strong buying momentum with indicators deep in positive territory.
  • On the hourly chart, the RSI resides in the overbought zone, suggesting a short-term consolidation of the recent gains.

In Wednesday's session, the AUD/JPY pair is trading at 99.58, following an increase of 0.82%. Buyers appear in control, but indicators are flashing signals of a short-term consolidation.

On the daily chart, the AUD/JPY pair reveals a bullish sentiment. The Relative Strength Index (RSI) resides deep in positive territory, with recent readings reaching as high as 61, indicating the domination of buyers in the market. Furthermore, the rising green bars on the Moving Average Convergence Divergence (MACD) histogram show a positive momentum, supporting the bullish outlook.

AUD/JPY daily chart

Upon inspecting the hourly chart, the RSI readings consistently hover in the overbought zone, with the latest entry at 78 but the index has started to edge downwards. A flat green histogram on the MACD also gives arguments for a short-term consolidation.

AUD/JPY hourly chart

Considering the broader outlook, the pair also stands above the 20,100 and 200-day Simple Moving Averages (SMAs). This setup suggests short-term and long-term trends are bullish, and traders may expect further upside.

In conclusion, both daily and hourly charts for the AUD/JPY pair highlight a bullish outlook. The RSI values and the MACD histograms across both timelines point to strong upward movement, with buyers currently holding market reins. However, indicators on the hourly chart point to further consolidation as they lie deep in the overbought zone.

 

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.


RELATED CONTENT

Loading ...



Copyright © 2024 FOREXSTREET S.L., All rights reserved.