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AUD/JPY Price Analysis: Bulls advance, consolidation still prevails

  • 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.

AUD/JPY

Summary
Latest price today 103.78
Today’s daily change -0.02
Daily change % today -0.02
Today’s daily opening 103.8
Trends
SMA20 Journal 103.94
SMA50 Daily 102.04
SMA100 Journal 99.94
SMA200 Journal 98.03
Levels
Previous Daily High 103.83
Previous Daily Low 103.08
Previous Weekly High 104.73
Previous Weekly Low 102.62
Previous Monthly High 104.87
Previous Monthly Low 99.93
Daily Fibonacci 38.2% 103.54
Daily Fibonacci 61.8% 103.36
Daily Pivot Point S1 103.3
Daily Pivot Point S2 102.81
Daily Pivot Point S3 102.55
Daily Pivot Point R1 104.06
Daily Pivot Point R2 104.33
Daily Pivot Point R3 104.82

Source: Fx Street

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