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
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.
© 2000-2024. All rights reserved.
This site is managed by Teletrade D.J. LLC 2351 LLC 2022 (Euro House, Richmond Hill Road, Kingstown, VC0100, St. Vincent and the Grenadines).
The information on this website is for informational purposes only and does not constitute any investment advice.
The company does not serve or provide services to customers who are residents of the US, Canada, Iran, The Democratic People's Republic of Korea, Yemen and FATF blacklisted countries.
Making transactions on financial markets with marginal financial instruments opens up wide possibilities and allows investors who are willing to take risks to earn high profits, carrying a potentially high risk of losses at the same time. Therefore you should responsibly approach the issue of choosing the appropriate investment strategy, taking the available resources into account, before starting trading.
Use of the information: full or partial use of materials from this website must always be referenced to TeleTrade as the source of information. Use of the materials on the Internet must be accompanied by a hyperlink to teletrade.org. Automatic import of materials and information from this website is prohibited.
Please contact our PR department if you have any questions or need assistance at pr@teletrade.global.