AUD/JPY Price Analysis: Bulls steer the market towards 101.00, its highest since 2014
|- The daily RSI of the AUD/JPY continues its uphill journey, nearing overbought territory, amplifying buying traction.
- Hourly indicators are also strong, with no signs of bears.
- A healthy correction shouldn't be ruled out.
The AUD/JPY market showcases an increasingly bullish trend. The cross stabilized at 100.89 on Wednesday, after rallying to a high at 101.12, its highest since 2014. The general market interest leans towards the buyers as the pair follows an upward trend and surpasses significant levels. However, as the pair gained nearly 1.50% in the last sessions, the cross might be poised for a correction.
On the daily chart, the Relative Strength Index (RSI) of the AUD/JPY pair continues its upward trajectory nearing overbought territory. The Moving Average Convergence Divergence (MACD) also supports the buyers, as it prints a fresh green bar.
AUD/JPY daily chart
Switching the focus to the hourly chart, the hourly Relative Strength Index (RSI) displays a generally increasing trend, pointing toward positive short-term momentum. In addition, the MACD portrays decreasing red bars, denoting the declining momentum of the sellers in the short-term trading hours.
AUD/JPY hourly chart
In the broader outlook, the AUD/JPY indicates a bullish trend, given its current position above the 20, 100, and 200-day Simple Moving Average (SMA). SMAs serve as technical indicators for analyzing price trends by smoothing out price fluctuations. The pair's stance above all three SMAs suggests a strong stance from the bull in the short and long-term perspectives. In addition, the pair rallying to multi-year highs suggests that the bulls are clearly in command, but traders shouldn't be ruled out as indicators might run out of steam.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.