AUD/JPY Price Analysis: Cross enters in consolidation phase, downturn likely momentary

Daily chart indicators suggest correction phase sets in; RSI drops signifying easing of overbought conditions.
Hourly chart indicators remain in negative territory, signaling downside correction in the near term.
Bulls show signs of exhaustion, unable to retest 105.00 highs.

Patricio Martín FXStreet

In Wednesday's session, the AUD/JPY pair displayed signs of correction, retreating to the 104.30 mark following an earlier surge to 104.90. Seemingly, buyers are finding it tough to maintain upward traction. The market appears to have started a short-term correction phase.

On the daily chart, the RSI has edged down to 67 territory, indicating easing of earlier overbought conditions. In sync with this, MACD continues to print red bars, further solidifying the possibility of weakening buying power.

AUD/JPY daily chart

Reiterating these sentiments is the hourly chart. The RSI and MACD both remain in negative territory, indicating a probable near-term correction.

AUD/JPY hourly chart

The prominent resistance remains the cycle high just above 105.00 while the 20-day SMA, now at 103.29, continues to provide strong support.

AUD/JPY

Overview
Today last price	104.38
Today Daily Change	-0.14
Today Daily Change %	-0.13
Today daily open	104.52

Trends
Daily SMA20	103.12
Daily SMA50	101.15
Daily SMA100	99.35
Daily SMA200	97.59

Levels
Previous Daily High	104.62
Previous Daily Low	104.35
Previous Weekly High	104.56
Previous Weekly Low	103.48
Previous Monthly High	105.04
Previous Monthly Low	97.78
Daily Fibonacci 38.2%	104.52
Daily Fibonacci 61.8%	104.45
Daily Pivot Point S1	104.37
Daily Pivot Point S2	104.22
Daily Pivot Point S3	104.1
Daily Pivot Point R1	104.65
Daily Pivot Point R2	104.78
Daily Pivot Point R3	104.93

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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