The daily RSI increase denotes a slight uptick in momentum. Signs of bullish fatigue emerge after renewed gains, reinforcing the ongoing consolidation outlook. The pair currently focuses on the stronghold of the 20-day SMA around the 103.80 area which acts as a resistance. In Wednesday's trading session, the AUD/JPY pair bounced to 103.80, reflective of a resurgence in upward momentum. However, the buyers met resistance at the 20-day Simple Moving Average and retreated.
On the other hand, buyers will encounter resistance trying to propel the pair back above the 20-day SMA at 103.80 and further to the 105.00 mark. If these resistance points remain intact, the market could witness the AUD/JPY pair maintain a consolidation phase. What is not in discussion, is that the cross has entered a consolidation phase, following an aggressive rally that took it to multi-year highs. AUD/JPY Overview Today last price 103.83 Today Daily Change 0.84 Today Daily Change % 0.
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Source: FXStreetNews - 🏆 14. / 72 Read more »