AUD/JPY Price Analysis: Bears gain ground and conquer the 20-day SMA

AUD/JPY making a decisive downshift with a 0.95% drop, currently stationed at 96.50.
As the bears push the cross below the 20-day SMA, the outlook turned negative for the cross.
Despite recent bearish activities, pair remains above both 100 & 200-day SMAs, signalling an overall bullish trend.

Patricio Martín FXStreet

In Wednesday's trading session, the AUD/JPY fell to 96.50 after a strong 0.95% decline. The daily chart outlook for the pair appears neutral to bearish, indicative of bears gaining ground. Reinforcing this sentiment, the four-hour chart also leaned towards the bearish side with indicators near the oversold zone.

The daily Relative Strength Index (RSI) shows a downward inclination yet remaining in the positive region, indicating slight selling pressure as well as the rising red bars of the Moving Average Convergence Divergence (MACD). Furthermore, the bears have made an apparent show of power, pushing the cross price below its 20-day Simple Moving Averages (SMA). However, the AUD/JPY remains firm on higher ground, as demonstrated by its position above both the 100 and 200-day SMAs. This solidifies the notion that despite recent bearish challenges, the overall buying force still commands the roost.

Switching to a shorter time frame, the four-hour outlook seems to be also favoring a bearish narrative for the moment. Technical indicators appear oversold, reflecting a growing bearish bias among traders. Simultaneously, the Relative Strength Index (RSI) is on the cusp of the oversold threshold, while the Moving Average Convergence Divergence (MACD) exhibits rising red bars, another pointer to the growing clout of bears in the short-term.

AUD/JPY daily chart

AUD/JPY levels to watch

AUD/JPY

Overview
Today last price	96.56
Today Daily Change	-0.89
Today Daily Change %	-0.91
Today daily open	97.45

Trends
Daily SMA20	97.17
Daily SMA50	96.89
Daily SMA100	96.3
Daily SMA200	94.97

Levels
Previous Daily High	97.59
Previous Daily Low	97.09
Previous Weekly High	97.88
Previous Weekly Low	96.92
Previous Monthly High	98.07
Previous Monthly Low	93.73
Daily Fibonacci 38.2%	97.28
Daily Fibonacci 61.8%	97.4
Daily Pivot Point S1	97.16
Daily Pivot Point S2	96.88
Daily Pivot Point S3	96.67
Daily Pivot Point R1	97.66
Daily Pivot Point R2	97.87
Daily Pivot Point R3	98.16

Author

Patricio Martín

FXStreet

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

EUR/USD remains offered below 1.1800, looks at US data

EUR/USD is still trading on the defensive in the latter part of Thursday’s session, while the US Dollar maintains its bid bias as investors now gear up for Friday’s key release of the PCE data, advanced Q4 GDP prints and flash PMIs.

GBP/USD bounces off monthly lows near 1.3430

GBP/USD is sliding in tandem with its risk-sensitive peers, drifting back towards the 1.3430 area, its lowest levels in the month. The move reflects a firmer Greenback, supported by another round of solid US data and a somewhat divided FOMC Minutes.

Gold drifts higher to near $5,000 on heightened US-Iran tensions

Gold price holds positive ground near $5,000 during the early Asian session on Friday. The precious metal edges higher as escalating tensions between the United States and Iran boost safe-haven demand. Traders brace for the preliminary reading of US Gross Domestic Product for the fourth quarter, the Personal Consumption Expenditures and the S&P Global Purchasing Managers Index data, which are due later on Friday.

Ethereum: Active addresses halt growth as US selling pressure eases

Ethereum network growth has declined after two months of explosive increase. US selling pressure has eased following an improvement in the Coinbase Premium Index. ETH extends its range-bound move below the $2,107 resistance and above $1,740 .

Hawkish Fed minutes and a market finding its footing

It was green across the board for US Stock market indexes at the close on Wednesday, with most S&P 500 names ending higher, adding 38 points (0.6%) to 6,881 overall. At the GICS sector level, energy led gains, followed by technology and consumer discretionary, while utilities and real estate posted the largest losses.

Injective token surges over 13% following the approval of the mainnet upgrade proposal

Injective price rallies over 13% on Thursday after the network confirmed the approval of its IIP-619 proposal. The green light for the mainnet upgrade has boosted traders’ sentiment, as the upgrade aims to scale Injective’s real-time Ethereum Virtual Machine architecture and enhance its capabilities to support next-generation payments.