AUD/JPY Price Analysis: Bullish stance persists, pair holds above the 20-day SMA

The AUD/JPY currently trades at 96.97, gaining a marginal 0.10%.
Weak Chinese data weakened both the AUD and JPY.
Indicators on the daily chart favor the bulls.

Patricio Martín FXStreet

In Wednesday's session, the AUD/JPY was spotted at 96.97, gaining a subtle 0.10% gain, and it seems buyers remain in control with the daily chart appearing neutral to bullish and bulls proving their strength in the four-hour chart framework. On the fundamental side, both the AUD and JPY weakened during the sessions due to the report of soft Chinese economic figures, which contributed to their being the worst-performing currencies amongst their peers.

Examining the daily chart indicators, the Relative Strength Index (RSI) depicts a flat position within the positive territory, signifying a balanced momentum, while the Moving Average Convergence Divergence (MACD) also exhibits a similar pattern, depicting flat green bars. Additionally, the pair currently sails above its 20, 100, and 200-day Simple Moving Averages (SMAs), a potent sign of bullish dominance. This scenario suggests that despite a near-term balance in buying momentum, the broader spectrum remains favorable for the bulls, who seem to be assertively holding their ground.

Moving onto a shorter time frame, the four-hour chart paints a picture of more evident bullish momentum. Indicators highlight the strengthening buying force, with a positive slope and territory for the four-hour Relative Strength Index (RSI), hinting at the continuation of the upward momentum. The Moving Average Convergence Divergence (MACD) on this chart manifests flat green bars, confirming the existing bullish strength. Therefore, in this shorter time frame, there's a clear presence of buying momentum, accentuating the prevailing bullish outlook.

AUD/JPY technical levels

AUD/JPY

Overview
Today last price	96.97
Today Daily Change	0.03
Today Daily Change %	0.03
Today daily open	96.94

Trends
Daily SMA20	96.79
Daily SMA50	96.86
Daily SMA100	96
Daily SMA200	94.59

Levels
Previous Daily High	97.11
Previous Daily Low	96.59
Previous Weekly High	97.8
Previous Weekly Low	96.15
Previous Monthly High	98.07
Previous Monthly Low	93.73
Daily Fibonacci 38.2%	96.79
Daily Fibonacci 61.8%	96.91
Daily Pivot Point S1	96.65
Daily Pivot Point S2	96.36
Daily Pivot Point S3	96.13
Daily Pivot Point R1	97.17
Daily Pivot Point R2	97.4
Daily Pivot Point R3	97.69

AUD/JPY daily chart

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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