AUD/JPY rallies near 97.00, bulls in control
- AUD/JPY saw a significant rally, currently positioned at 96.90, marking an uptick of 0.60%.
- Positive momentum is highlighted in the daily chart, with indicators signaling bullish activity.
- Consolidating gains are evident in the four-hour chart outlook.
In Thursday's session, the AUD/JPY was sighted at 96.90, rallying by a notable 0.60% to peak at 97.20 during the day. The daily chart presents a bullish outlook, with buyers gradually taking hold. Simultaneously, the four-hour chart indicators signal a possible consolidation of these gains, portraying an overall flattened inertia.
An upward trajectory of the daily Relative Strength Index (RSI) in the positive zone reveals that buyers maintain their dominance over sellers. This buying momentum is underscored by the ascending bars on the Moving Average Convergence Divergence (MACD), a sign of strengthening bullish sentiment. Furthermore, the pair staying above the 20, 100, and 200-day Simple Moving Averages (SMAs) corroborate this stance as the bulls exert their control over the broader market trends, cementing their position in the driver's seat.
Moving to a narrower perspective, the four-hour chart outlines a slightly different scenario. Despite the overall bullish sentiment, consolidation appears to dominate the market at the moment. The indicators suggest a pause in movement, with the Relative Strength Index (RSI) being flat in the positive region, signaling a short-term halt in buying pressure. Similarly, the flat green bars on the Moving Average Convergence Divergence (MACD) suggest a short-term consolidation, the bulls still hold sway in the medium term. In summary, while momentary consolidation is observed, buying momentum remains the main force in the market.
AUD/JPY Technicals
Author
Patricio Martín
FXStreet
Patricio is an economist from Argentina passionate about global finance and understanding the daily movements of the markets.
