AUD/JPY Price Analysis: Pair slides below 107.00, bearish sentiment increase
Source Fxstreet
- AUD/JPY slips towards 106.90, breaching the 20-day SMA support.
- A bearish sentiment is projected for the next few session, continuing the downtrend from last week.
In Monday's trading session, the AUD/JPY pair noted a further decline of 0.15% to fall to 106.90. This continues the observable trend from last week Thursday's session which saw a significant drop from above 109.00. The present conditions point towards a bearish outlook for the forthcoming sessions as sellers appear to continue their dominance.
The daily Relative Strength Index (RSI) for the AUD/JPY pair currently reads 53, showing a marginal plunge from last week’s high of 80, slowly pushing toward the bearish zone. Despite this shift, the market seems to retain its neutral stance as it remains in positive territory. Complementing this, the daily Moving Average Convergence Divergence (MACD) shows rising red bars, indicating potential weakness.
AUD/JPY daily chart
From a broader viewpoint, the AUD/JPY pair hints at a bearish sentiment, especially considering its position below the 20-day SMA support. Should further downward movement occur, the immediate support levels at 106.50 and 106.00 are pivotal marks to consider. Conversely, to mitigate further potential losses, buyers must aim to surpass the 107.00 level (20-day SMA) and aim towards the 108.00 barrier to signal recovery.
Disclaimer: For information purposes only. Past performance is not indicative of future results.
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