AUD/JPY Price Analysis: Bulls advance to multi-week highs, consolidation incoming
|- The AUD/JPY rose in Monday's session at 97.60 with a gain of 0.23%.
- Hourly chart shows RSI and MACD dip, highlighting short-term buyers' shift to consolidate gains.
- The overall trend still favors the bulls.
In Monday's session, the AUD/JPY is trading at 97.60, registering a gain of 0.23%. The pair has seen a recent push from the buyers, which made indicators reach overbought territory and now indicators are consolidating. The overall trend still favors the buyers as the pair is still above its main Simple Moving Averages (SMAs)
Analyzing the daily chart, the Relative Strength Index (RSI), which resides within the positive territory, continues to show an increasing trend, suggesting that buyers are currently exerting pressure on the market. This aligns with the Moving Average Convergence Divergence (MACD) histogram, which printed a green bar implying that the bulls jumped back a into positive territory.
Concentrating on the hourly chart, the RSI dipped back from the overbought area struck earlier in the session to the positive domain, hinting at a more balanced, albeit still buyers-favoured, market in recent hours. In line with that, the MACD histogram has been rising, throughout the session but now seems to have flattened as buyers are taking a breather.
Taking the pairs' position into account relative to its main Simple Moving Averages (SMAs), the broader trend is on the buyer's side, as the pair is above the 20, 100, and 200-day SMAs. Yet, for the rest of the session, the cross may continue side-ways trade to consolidate the gains from its recent push.
AUD/JPY daily chart
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