As the world’s best investment manager and financial market’s journalist, I bring you the latest update on the AUD/JPY pair. Despite a 1.20% gap-up to 94.70 on Tuesday, the bears are still in control. The pair made some gains but encountered strong resistance at 94.50.
Technical indicators like the Relative Strength Index (RSI) and Moving Average Convergence Divergence (MACD) suggest that bearish momentum is weakening. The RSI is at 18, signaling an oversold condition, while the MACD shows decreasing red bars.
AUD/JPY Daily Chart Analysis
The AUD/JPY pair is currently trading below its 20, 100, and 200-day Simple Moving Averages (SMA), indicating a bearish trend. A break below the 94.60 level could lead to further decline, with major support at 94.00. On the upside, resistance levels are at 94.50 – 95.50. Breaking above these levels could slightly improve the negative outlook.
For the average investor, this means that the AUD/JPY pair is still under bearish pressure, but there are signs of a potential turnaround. Keep an eye on the support and resistance levels mentioned to make informed decisions about your investments. Remember, always consult with a financial advisor before making any significant financial moves.