AUD/JPY Price Analysis: Bulls push past the 20-day SMA, with consolidation still prevalent

The AUD/JPY pair surpassed the 20-day SMA, indicating a rising bullish momentum.
Despite the rise, the pair is still in a consolidation phase, hinting at the possibility of limited gains.
The bull's next target stands at 105.00.

Patricio Martín FXStreet

In Wednesday's session, the AUD/JPY pair exhibited a promising move, surpassing the 20-day Simple Moving Average (SMA) at 103.90. This could be a positive sign, demonstrating strength in the Australian Dollar against its competitors. However, the ongoing consolidation phase suggests that there may not be enough momentum for a persistent rise.

The daily Relative Strength Index (RSI) for the AUD/JPY currently stands at 59 suggesting a significant shift from Tuesday’'s 53. On the other hand, the Moving Average Convergence Divergence (MACD) continues to display decreasing red bars, suggesting a potential weakening in the bearish momentum.

AUD/JPY daily chart

In conclusion, the AUD/JPY pair seems to be in a consolidation phase, despite successfully rising above the 20-day SMA. The range of 102.00-103.00 may denote the next trading patterns unless the bulls retain control above the 20-day SMA. Nonetheless, the reduction in selling momentum could denote a preparation by the bulls for the next upward swing and might retest the 105.00 area.

AUD/JPY

Overview
Today last price	104.38
Today Daily Change	0.57
Today Daily Change %	0.55
Today daily open	103.81

Trends
Daily SMA20	103.94
Daily SMA50	102.14
Daily SMA100	100.01
Daily SMA200	98.07

Levels
Previous Daily High	103.95
Previous Daily Low	103.53
Previous Weekly High	104.73
Previous Weekly Low	102.62
Previous Monthly High	104.87
Previous Monthly Low	99.93
Daily Fibonacci 38.2%	103.79
Daily Fibonacci 61.8%	103.69
Daily Pivot Point S1	103.58
Daily Pivot Point S2	103.34
Daily Pivot Point S3	103.16
Daily Pivot Point R1	103.99
Daily Pivot Point R2	104.18
Daily Pivot Point R3	104.41

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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