AUD/JPY Price Analysis: Bulls must regain the 20-day SMA to avoid further losses
17.04.2024, 18:17

AUD/JPY Price Analysis: Bulls must regain the 20-day SMA to avoid further losses

  • The daily RSI for the AUD/JPY demonstrates a modest uptrend, maintaining above the middle ground.
  • The Hourly chart reveals mixed sentiment, with frequent RSI changes and negative momentum portrayed by the MACD bars.
  • The 20-day SMA at 99.30 is the main target for the bulls.

The AUD/JPY showed a stronger stance by posting a gain of 0.27% and settling at 99.24 in Wednesday’s session. Despite the recent downside, the pair indicates a dominant bullish outlook, firmly standing above the key Simple Moving Averages (SMAs). However, the recent dip below the 20-day SMA brightened the outlook for the bears for the short term.

On the daily chart, the Relative Strength Index (RSI) pair indicates a slight positive trend. Despite dipping close to the 50 level, it recovered and retained its position in positive territory, hovering around 52. Meanwhile, the Moving Average Convergence Divergence (MACD) shows rising red bars, signaling a potential shift in momentum.

AUD/JPY daily chart

The hourly RSI reveals a mixed trend. The latest reading was 53, indicating a positive trend, while previous readings varied between positive and negative territories, revealing fluctuating market momentum. The hourly MACD shows flat red bars, signifying a steady negative momentum.

AUD/JPY hourly chart

Observing the broader prospect, the AUD/JPY's position above the 100-day and 200-day SMA reveals a robust long-term bullish trend. Any significant movements today that keep the cross above these levels won’t threaten the positive outlook, but as the bears gather momentum, some downside in the short term should be expected.

 

AUD/JPY

Overview
Today last price 99.35
Today Daily Change 0.30
Today Daily Change % 0.30
Today daily open 99.05
 
Trends
Daily SMA20 99.33
Daily SMA50 98.44
Daily SMA100 97.58
Daily SMA200 96.38
 
Levels
Previous Daily High 99.4
Previous Daily Low 98.65
Previous Weekly High 100.81
Previous Weekly Low 98.74
Previous Monthly High 100.17
Previous Monthly Low 96.9
Daily Fibonacci 38.2% 98.94
Daily Fibonacci 61.8% 99.12
Daily Pivot Point S1 98.66
Daily Pivot Point S2 98.28
Daily Pivot Point S3 97.91
Daily Pivot Point R1 99.42
Daily Pivot Point R2 99.79
Daily Pivot Point R3 100.18

 

 

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