AUD/JPY Price Analysis: Aussie soars, buyers start to back off on the hourly chart

The daily chart presents a strong buying momentum with indicators deep in positive territory.
On the hourly chart, the RSI resides in the overbought zone, suggesting a short-term consolidation of the recent gains.

Patricio Martín FXStreet

In Wednesday's session, the AUD/JPY pair is trading at 99.58, following an increase of 0.82%. Buyers appear in control, but indicators are flashing signals of a short-term consolidation.

On the daily chart, the AUD/JPY pair reveals a bullish sentiment. The Relative Strength Index (RSI) resides deep in positive territory, with recent readings reaching as high as 61, indicating the domination of buyers in the market. Furthermore, the rising green bars on the Moving Average Convergence Divergence (MACD) histogram show a positive momentum, supporting the bullish outlook.

AUD/JPY daily chart

Upon inspecting the hourly chart, the RSI readings consistently hover in the overbought zone, with the latest entry at 78 but the index has started to edge downwards. A flat green histogram on the MACD also gives arguments for a short-term consolidation.

AUD/JPY hourly chart

Considering the broader outlook, the pair also stands above the 20,100 and 200-day Simple Moving Averages (SMAs). This setup suggests short-term and long-term trends are bullish, and traders may expect further upside.

In conclusion, both daily and hourly charts for the AUD/JPY pair highlight a bullish outlook. The RSI values and the MACD histograms across both timelines point to strong upward movement, with buyers currently holding market reins. However, indicators on the hourly chart point to further consolidation as they lie deep in the overbought zone.

AUD/JPY

Overview
Today last price	99.53
Today Daily Change	0.74
Today Daily Change %	0.75
Today daily open	98.79

Trends
Daily SMA20	98.35
Daily SMA50	97.87
Daily SMA100	97.39
Daily SMA200	96.17

Levels
Previous Daily High	98.83
Previous Daily Low	98.26
Previous Weekly High	99.25
Previous Weekly Low	98.18
Previous Monthly High	100.17
Previous Monthly Low	96.9
Daily Fibonacci 38.2%	98.61
Daily Fibonacci 61.8%	98.48
Daily Pivot Point S1	98.42
Daily Pivot Point S2	98.06
Daily Pivot Point S3	97.86
Daily Pivot Point R1	98.99
Daily Pivot Point R2	99.19
Daily Pivot Point R3	99.55

Author

Patricio Martín

FXStreet

Patricio is an economist from Argentina passionate about global finance and understanding the daily movements of the markets.

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