AUD/JPY Price Analysis: Bulls take a breather, sellers test the 20-day SMA support

The AUD/JPY pair is experiencing a decline as buyers take profits, causing it to hover around the 20-day SMA.
In spite of the drop, the pair remains in consolidation, suggesting the possibility of a limited decline for the time being.
If the bulls are successful in building support around the 20-day SMA, the next potential target lies within the 104.50-105.00 price range.

Patricio Martín FXStreet

In Thursday's session, the AUD/JPY pair witnessed a dip towards 104.00 as buyers cashed in their profits, which saw the pair soaring above the 20-day Simple Moving Average (SMA). The 20-day SMA, which previously acted as a point of resistance, seems to be the new focus point for building support in order to lessen further losses. Nevertheless, the persistent consolidation phase suggests a lack of momentum for a steady rise.

The daily Relative Strength Index (RSI) of the AUDJPY now stands at 54, a decrease from the previous session's score of 57, indicating a slight downward trend and implying that the previous upward momentum may be losing steam. In contrast, the Moving Average Convergence Divergence (MACD) is exhibiting stationary red bars, indicative of a stabilizing momentum.

AUD/JPY daily chart

In conclusion, the AUD/JPY pair appears to be in a consolidation phase, despite a drop this Thursday as trading hovers around the 20-day SMA. The possible range of 102.00-103.00 for the upcoming sessions may denote the continuation of side-ways trading as bulls seem to be consolidating from the May rally which had lifted the pair near 105.00. Nonetheless, the reduction in selling momentum could represent a gearing up by the bulls for the next upward swing, potentially retesting the 104.50-105.00 area.

EUR/JPY

Overview
Today last price	168.61
Today Daily Change	-0.79
Today Daily Change %	-0.47
Today daily open	169.4

Trends
Daily SMA20	169.65
Daily SMA50	167.42
Daily SMA100	164.72
Daily SMA200	161.78

Levels
Previous Daily High	169.59
Previous Daily Low	168.66
Previous Weekly High	170.89
Previous Weekly Low	168.01
Previous Monthly High	170.8
Previous Monthly Low	164.02
Daily Fibonacci 38.2%	169.23
Daily Fibonacci 61.8%	169.02
Daily Pivot Point S1	168.85
Daily Pivot Point S2	168.29
Daily Pivot Point S3	167.92
Daily Pivot Point R1	169.77
Daily Pivot Point R2	170.14
Daily Pivot Point R3	170.7

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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