In a recent session, the AUD/JPY pair saw a decline of 0.65% to 96.45, continuing its downward trend. However, there are indications from technical indicators that the market sentiment may be shifting.
The Relative Strength Index (RSI) has moved out of the oversold zone below 30 and is currently at around 33, signaling a move towards neutral territory. Additionally, the Moving Average Convergence Divergence (MACD) is showing a decrease in red bars, suggesting a potential weakening of bearish momentum.
Analysis of AUD/JPY Pair on Daily Chart
Based on these technical signals, it is possible that the AUD/JPY pair is entering a consolidation phase. The pair may trade within a range with support levels at 96.00 and 95.00, limiting downside potential. On the upside, resistance levels at 97.00, 98.00, and 100.00 could hinder any significant upward movement.
Financial Analysis Breakdown:
The AUD/JPY pair has seen a decline to 96.45 despite technical indicators suggesting a move towards neutral territory. This could indicate a potential shift in market sentiment. Traders should keep an eye on the support and resistance levels mentioned to gauge the future direction of the pair.