AUD/JPY Price Analysis: Bulls push past the 20-day SMA, with consolidation still prevalent
Source Fxstreet
- The AUD/JPY pair surpassed the 20-day SMA, indicating a rising bullish momentum.
- Despite the rise, the pair is still in a consolidation phase, hinting at the possibility of limited gains.
- The bull's next target stands at 105.00.
In Wednesday's session, the AUD/JPY pair exhibited a promising move, surpassing the 20-day Simple Moving Average (SMA) at 103.90. This could be a positive sign, demonstrating strength in the Australian Dollar against its competitors. However, the ongoing consolidation phase suggests that there may not be enough momentum for a persistent rise.
The daily Relative Strength Index (RSI) for the AUD/JPY currently stands at 59 suggesting a significant shift from Tuesday’'s 53. On the other hand, the Moving Average Convergence Divergence (MACD) continues to display decreasing red bars, suggesting a potential weakening in the bearish momentum.
AUD/JPY daily chart
In conclusion, the AUD/JPY pair seems to be in a consolidation phase, despite successfully rising above the 20-day SMA. The range of 102.00-103.00 may denote the next trading patterns unless the bulls retain control above the 20-day SMA. Nonetheless, the reduction in selling momentum could denote a preparation by the bulls for the next upward swing and might retest the 105.00 area.
Disclaimer: For information purposes only. Past performance is not indicative of future results.
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