- In the Tuesday session, the pair approached the 20-day SMA and was rejected.
- The pair is still in consolidation mode and may not have enough momentum to continue rising.
- The 102.00-104.00 range becomes an early moving area for the coming sessions.
In Tuesday’s sessions, the AUD/JPY pair has been making efforts to improve the short-term outlook, approaching the 20-day SMA at 103.90. However, with the pair still in consolidation mode, there may not be enough momentum for further upside. In line with this, buyers failed to maintain daily gains.
The daily RSI for AUD/JPY currently stands at 53, showing slight but positive momentum. Furthermore, the MACD continues to create declining red bars, hinting at some weakness in the bearish momentum.
AUD/JPY daily chart
AUD/JPY daily chart
In conclusion, the AUD/JPY pair appears to be in consolidation mode as it struggles to break above the 20-day SMA. The range between 102.00 and 104.00 may signal future trading moves unless the bulls can regain control above the 20-day SMA, pushing towards the 105.00 resistance level. On the positive side for buyers, there are some signs of a slight slowdown in bearish activities.
Source: Fx Street
I am Joshua Winder, a senior-level journalist and editor at World Stock Market. I specialize in covering news related to the stock market and economic trends. With more than 8 years of experience in this field, I have become an expert in financial reporting.
