The AUD/JPY trades at 102.43, demonstrating a pronounced bullish inclination despite Monday’s sharp losses.
The daily RSI suggests consistent buying momentum, with a slight dip indicating the possibility of a short-term correction. The hourly RSI and MACD readings suggest mounting selling pressure in recent transactions. Indicators took a big hit and suggests that despite the bullish command, sellers are gaining ground. On the daily chart, the Relative Strength Index is seen trending within the overbought terrain, suggesting that buying activity has dominated the market action.
AUD/JPY hourly chart Observing the broader perspective, the AUD/JPY currently occupies a position above the 20, 100, and 200-day SMA. This stance underscores the prevailing bullish market sentiment in both short-term and long-term scenarios. In conclusion, while the daily indicators reflect an overall bullish sentiment, recent hourly readings suggest the potential for a short-term correction.
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