The daily RSI of the AUD/JPY continues its uphill journey, nearing overbought territory, amplifying buying traction. Hourly indicators are also strong, with no signs of bears. A healthy correction shouldn't be ruled out. The cross stabilized at 100.89 on Wednesday, after rallying to a high at 101.12, its highest since 2014. The general market interest leans towards the buyers as the pair follows an upward trend and surpasses significant levels. However, as the pair gained nearly 1.
AUD/JPY hourly chart In the broader outlook, the AUD/JPY indicates a bullish trend, given its current position above the 20, 100, and 200-day Simple Moving Average . SMAs serve as technical indicators for analyzing price trends by smoothing out price fluctuations. The pair's stance above all three SMAs suggests a strong stance from the bull in the short and long-term perspectives.
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Source: FXStreetNews - 🏆 14. / 72 Read more »