AUD/JPY Price Analysis: Bullish momentum escalates and the cross reaches multi-year highs

• The AUD/JPY is currently trading at 98.648, marking a 0.20% increase in Thursday's session.
• The daily RSI for AUD/JPY suggests bullish momentum with an upward trend, indicating buyers are in charge.
• Despite intraday market volatility, the hourly RSI stays in the positive territory, underlining buyer's dominance.
• AUD/JPY's position above its main moving averages confirms the bullish outlook.

The AUD/JPY pair was seen trading at 98.648, marking a mild gain of 0.20% and reaching its highest level since 2015. The pair predominantly exhibits a bullish bias, per the insights from the Relative Strength Index (RSI) and Moving Average Convergence Divergence (MACD) on the daily chart. The RSI portrays a progressive uptrend, indicating consistent strengthening over recent sessions. This is further confirmed by the ascending green bars on the MACD histogram, signifying a favorable momentum. Despite some intraday fluctuations, the pair remains firmly in the hands of the buyers, being well positioned above the key Simple Moving Averages (SMAs) of 20,100 and 200 days.

The hourly RSI values paint a similar picture, despite some intraday volatility seen in the market. Although the RSI didn't maintain its position within the positive territory at all hours, it did stay above the negative zone, reflecting an overall bullish intraday sentiment.

In conclusion, despite some short-term uncertainties, the general outlook for the AUD/JPY pair seems bullish given the positive RSI values and rising MACD histogram. Whether looking at the daily or hourly chart, the momentum remains firm for the buyers, supported by the pair's position well above its primary moving averages.

AUD/JPY daily chart

AUD/JPY hourly chart