AUD/JPY Price Analysis: Bulls gather momentum, consolidation ongoing

Source Fxstreet
May 31, 2024 19:23
  • Daily chart indicators suggest a positive incline; RSI climbs up.
  • Hourly chart indicators flatten out in positive territory, indicating consolidation after recent gains.
  • The pair is seeing signs of bullish exhaustion after recent gains, with eyes set on support around the 103.60-103.80 area.

In Friday's trading session, the AUD/JPY pair soared to the 104.50 region owing to positive momentum, reinforcing expectations of an overall bullish landscape. However, the market's upward trajectory is showing signs of fatigue, and the pair has entered in a consolidation phase.

As per the daily chart, the RSI has ascended near to the 70 region, presenting a slight recovery from Wednesday's drop to 67, suggesting a potential halt to the previous downtrend. Corresponding with this, the MACD prints flat red bars, indicating a possible pause in the market's selling traction.

AUD/JPY daily chart

Confirming these dynamics is the hourly chart. The RSI and MACD are greener and have flattened, indicating a potential period of consolidation following the recent rally.

AUD/JPY hourly chart

In retrospect to the session on Thursday, sellers were repelled at the 20-day SMA mark of 103.60 and again on Friday at 103.80. These developments have set a formidable support base around that region, which appears could be leveraged to stabilize the recent gains. Any downturn below the 20-day SMA may risk undermining the short-term bullish atmosphere.

AUD/JPY

Overview
Today last price 104.5
Today Daily Change 0.48
Today Daily Change % 0.46
Today daily open 104.02
 
Trends
Daily SMA20 103.44
Daily SMA50 101.33
Daily SMA100 99.48
Daily SMA200 97.7
 
Levels
Previous Daily High 104.26
Previous Daily Low 103.36
Previous Weekly High 104.56
Previous Weekly Low 103.48
Previous Monthly High 105.04
Previous Monthly Low 97.78
Daily Fibonacci 38.2% 103.7
Daily Fibonacci 61.8% 103.91
Daily Pivot Point S1 103.5
Daily Pivot Point S2 102.98
Daily Pivot Point S3 102.6
Daily Pivot Point R1 104.4
Daily Pivot Point R2 104.77
Daily Pivot Point R3 105.29

 

 

Disclaimer: For information purposes only. Past performance is not indicative of future results.
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