AUD/JPY Price Analysis: Upwards momentum wanes, consolidation to continue
05.06.2024, 19:31

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.

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

 

 

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