AUD/JPY Price Analysis: Upwards momentum wanes, consolidation to continue

The daily RSI increase denotes a slight uptick in momentum.
Signs of bullish fatigue emerge after renewed gains, reinforcing the ongoing consolidation outlook.
The pair currently focuses on the stronghold of the 20-day SMA around the 103.80 area which acts as a resistance.

Patricio Martín FXStreet

In Wednesday's trading session, the AUD/JPY pair bounced to 103.80, reflective of a resurgence in upward momentum. However, the buyers met resistance at the 20-day Simple Moving Average (SMA) and retreated.

According to the daily Relative Strength Index (RSI) analysis, the index increased to 52 from the previous session's 46, demonstrating a gain in momentum. Meanwhile, the Moving Average Convergence Divergence (MACD) prints flat red bars, indicating steady selling traction.

AUD/JPY daily chart

On the downside, further losses will find the 100 and 200-day SMAs at their disposal as shielding units. On the other hand, buyers will encounter resistance trying to propel the pair back above the 20-day SMA at 103.80 and further to the 105.00 mark. If these resistance points remain intact, the market could witness the AUD/JPY pair maintain a consolidation phase.

What is not in discussion, is that the cross has entered a consolidation phase, following an aggressive rally that took it to multi-year highs.

AUD/JPY

Overview
Today last price	103.83
Today Daily Change	0.84
Today Daily Change %	0.82
Today daily open	102.99

Trends
Daily SMA20	103.78
Daily SMA50	101.64
Daily SMA100	99.69
Daily SMA200	97.85

Levels
Previous Daily High	104.63
Previous Daily Low	102.62
Previous Weekly High	104.87
Previous Weekly Low	103.36
Previous Monthly High	104.87
Previous Monthly Low	99.93
Daily Fibonacci 38.2%	103.38
Daily Fibonacci 61.8%	103.86
Daily Pivot Point S1	102.2
Daily Pivot Point S2	101.4
Daily Pivot Point S3	100.18
Daily Pivot Point R1	104.21
Daily Pivot Point R2	105.42
Daily Pivot Point R3	106.22

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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