AUD/JPY Price Analysis: Bulls maintain positive momentum, overbought conditions hint at possible pullback

The daily chart analysis reveals consistent bullish sentiment with RSI nearing overbought conditions, indicating possible pullbacks. The AUD/JPY hourly chart paints a similar picture, with the RSI deep in overbought terrain. Even with a potential short-term bearish correction, the AUD/JPY standing above SMA shows an overall bullish trend. In Wednesday's session, AUD/JPY is experiencing an uptake, trading at 99.62, its highest level since 2014, and showing a gain of 1.15%.

AUD/JPY daily chart Contrarily, on the hourly chart, the AUD/JPY pair shows a sharp move into the overbought territory, as indicated by the RSI of 78. This demonstrates that the pair might face a corrective pullback in the short term given these extreme over-extended conditions. The MACD histogram also confirms this, as it continues to print green bars.

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