AUD/JPY Price Analysis: Bulls Make Stride, consolidation still prevailing

In Tuesday's session, the pair approached the 20-day SMA, and got 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 anticipated movement area for the upcoming sessions.

Patricio Martín FXStreet

In Tuesday’s sessions, the AUD/JPY pair has been making strides to improve the short-term outlook, nearing the 20-day Simple Moving Average (SMA) at 103.90. However, with the pair still in consolidation mode, there might not be enough momentum for further rise. In line with that, buyers failed to hold daily gains.

The daily Relative Strength Index (RSI) for the AUD/JPY currently stands at 53, displaying a slight but positive momentum. Furthermore, the Moving Average Convergence Divergence (MACD) continues to print decreasing red bars, hinting towards a certain weakness in the bearish momentum.

AUD/JPY daily chart

In conclusion, the AUD/JPY pair seems to be in consolidation mode as it struggles to rise above the 20-day SMA. The range between 102.00 and 104.00 may signal future trading movements unless bulls can regain control above the 20-day SMA, pushing towards the 105.00 resistance level. On the positive side for the buyers, there are some signs of a slight deceleration in the bearish activities.

AUD/JPY

Overview
Today last price	103.78
Today Daily Change	-0.02
Today Daily Change %	-0.02
Today daily open	103.8

Trends
Daily SMA20	103.94
Daily SMA50	102.04
Daily SMA100	99.94
Daily SMA200	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

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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