AUD/JPY Price Analysis: Consolidation phase continues, bearish pressure observed
07.06.2024, 21:07

AUD/JPY Price Analysis: Consolidation phase continues, bearish pressure observed

  • Daily chart indicators reveal a neutral period for the pair; RSI stands at 49, showcasing no strong directional bias.
  • Signs of a bearish takeover are emerging, suggesting possible short-term bearish pressure or further consolidation.
  • The pair now interacts with the important 20-day SMA at 103.90, which currently serves as resistance to recover.

During the last trading sessions of this week, the AUD/JPY pair is maneuvering around the 103.00 level. This is indicative of an ongoing consolidation period following the impressive rally since early May.

Shifting the attention to the daily Relative Strength Index (RSI) analysis, the index is sitting at 49. When compared to the previous readings, a clear decline suggests that the pair has entered a bearish momentum in the short term. Moreover, the Moving Average Convergence Divergence (MACD) has started printing flat red bars, signaling that the market is experiencing steady selling activity.

AUD/JPY daily chart

Should the pair suffer further losses, the 100 and 200-day SMAs are readily available as buffering units. These averages are situated at about 99.80 and 97.98, respectively. Conversely, any attempt by the bulls to push the pair above the aforementioned 20-day SMA and further to the 105.00 level will be met with resistance. If these resistance barriers remain unbroken, the AUD/JPY pair might extend its consolidation phase.

AUD/JPY

Overview
Today last price 103.15
Today Daily Change -0.57
Today Daily Change % -0.55
Today daily open 103.72
 
Trends
Daily SMA20 103.89
Daily SMA50 101.84
Daily SMA100 99.82
Daily SMA200 97.94
 
Levels
Previous Daily High 103.98
Previous Daily Low 103.62
Previous Weekly High 104.87
Previous Weekly Low 103.36
Previous Monthly High 104.87
Previous Monthly Low 99.93
Daily Fibonacci 38.2% 103.76
Daily Fibonacci 61.8% 103.84
Daily Pivot Point S1 103.57
Daily Pivot Point S2 103.41
Daily Pivot Point S3 103.2
Daily Pivot Point R1 103.93
Daily Pivot Point R2 104.14
Daily Pivot Point R3 104.3

 

 

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