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00:01:14 15-06-2024

AUD/JPY Price Analysis: Buyers consolidate, sellers challenge the 20-day SMA support

  • The AUD/JPY pair witnesses further descent, as the ongoing profit-taking causes it to approach the reinforced 20-day SMA support.
  • Should the bulls manage to establish robust support at the 20-day SMA, the next potential target appears to exist within the 104.50-105.00 price range.

In Friday's session, the AUD/JPY pair further descended as buyers continued to realize their profits, which led to the pair falling briefly below the 20-day Simple Moving Average (SMA) at 103.60, only to regain ground above the 104.00 mark. This bounce-back signals that the 20-day SMA has assumed the role of a robust support line. Nevertheless, the ongoing consolidation phase suggests a lack of drive for a significant surge.

On a daily scale, the Relative Strength Index (RSI) now reads 56, a slightly lower figure from Thursday's reading of 57. This indicates a marginal downward trend, signaling a potential easing of the previous upward momentum. Conversely, the Moving Average Convergence Divergence (MACD) continues to print flat red bars, signifying a stable selling momentum.

AUD/JPY daily chart

To wrap up, the AUD/JPY pair exhibits signs of ongoing consolidation, despite Friday's further descent, with trading activity concentrated around the 20-day SMA. The range of 102.00-104.00 for the imminent sessions could be indicative of continued side-ways trading as bulls look to consolidate the gains from May's rally that propelled the pair near the 105.00 mark.

Nonetheless, the consolidation could suggest the bulls are preparing for the next upward movement, potentially aiming for the 104.50-105.00 range once again. In contrast, a breach of the 20-day SMA could tempt the bears, with further supports lining up at 102.60, and the long-term 100 and 200-day SMAs, which reside in the 100.00 and 98.00 zone.



Today last price 104.1
Today Daily Change -0.10
Today Daily Change % -0.10
Today daily open 104.2
Daily SMA20 104
Daily SMA50 102.33
Daily SMA100 100.15
Daily SMA200 98.18
Previous Daily High 104.69
Previous Daily Low 103.85
Previous Weekly High 104.73
Previous Weekly Low 102.62
Previous Monthly High 104.87
Previous Monthly Low 99.93
Daily Fibonacci 38.2% 104.17
Daily Fibonacci 61.8% 104.37
Daily Pivot Point S1 103.81
Daily Pivot Point S2 103.41
Daily Pivot Point S3 102.97
Daily Pivot Point R1 104.64
Daily Pivot Point R2 105.09
Daily Pivot Point R3 105.48



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