AUD/JPY Price Analysis: Downward momentum resumes, consolidation still possible

Daily chart indicators suggest a downward trend; the decline in RSI is marking a downward momentum
Signs of bullish exhaustion after the recent gains have strengthened the consolidation outlook.
The pair currently targets support around the 103.70 area, which aligns with the 20-day SMA.

Patricio Martín FXStreet

In Monday's trading session, the AUD/JPY pair slipped to the 104.35 region due to the resumption of a downward momentum. The pair's upward trajectory appears increasingly exhausted, and a consolidation phase seems more probable moving forward.

As per the daily chart, the RSI has descended to 59 from the previous session's reading of 65, suggesting a continued downward momentum. Along with this, the MACD prints rising red bars, indicating an increase in the selling traction

AUD/JPY daily chart

The 20-day SMA has now established a sturdy support base around the 103.70 region, which could potentially halt the ongoing losses. Any breakthrough below the 20-day SMA could prompt a short-term bearish atmosphere.

In the case of a further decline, the 100 and 200-day SMA might act as barriers to cushion losses. On the other hand, the bulls might face resistance in trying to push the pair back above the 105.00 mark. If the pair fails to break through these integral points, traders might witness the pair entering into a consolidation phase.

AUD/JPY

Overview
Today last price	104.38
Today Daily Change	-0.28
Today Daily Change %	-0.27
Today daily open	104.66

Trends
Daily SMA20	103.61
Daily SMA50	101.45
Daily SMA100	99.56
Daily SMA200	97.75

Levels
Previous Daily High	104.69
Previous Daily Low	103.83
Previous Weekly High	104.87
Previous Weekly Low	103.36
Previous Monthly High	104.87
Previous Monthly Low	99.93
Daily Fibonacci 38.2%	104.36
Daily Fibonacci 61.8%	104.16
Daily Pivot Point S1	104.1
Daily Pivot Point S2	103.54
Daily Pivot Point S3	103.24
Daily Pivot Point R1	104.95
Daily Pivot Point R2	105.25
Daily Pivot Point R3	105.81

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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