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10 Jan 2024

AUD/JPY Price Analysis: Bulls rally towards highs since early December, consolidation incoming

  • The AUD/JPY sees a promising rally, standing at 97.50, its highest since December 4.
  • Indicators are riding towards overbought conditions on the four-hour chart.
  • A healthy consolidation may be on the papers to correct the rally..

On Wednesday, the AUD/JPY rallied to a high of 97.60, with bulls increasing their dominance on the daily chart. However, further upside may be limited as the four-hour indicators proceed towards overbought conditions.

In consideration of the positioning of the key indicators on the daily chart, it is discernible that the bulls are in command. The Relative Strength Index (RSI) demonstrates a positive inclination within bullish territory, which indicates increasing buying power. Moreover, the Moving Average Convergence Divergence (MACD) continues its ascent, marked by swelling green bars that reinforce the ongoing bullish momentum. In addition, the overall trend also appears optimistic as the pair navigates above the 20,100,200-day Simple Moving Averages (SMAs).

Zooming into the four-hour chart, the short-term market momentum is leaning towards a possible overbought state. The stairway to overbought conditions is becoming increasingly visible, with the four-hour Relative Strength Index (RSI) demonstrating a strong surge. Concurrently, the four-hour Moving Average Convergence Divergence (MACD) underscores this buying momentum with its progressively burgeoned green bars. Yet, traders should tread carefully as these overbought conditions can often precede reversals, suggesting a possible moderation of the bullish drive in the near term.

AUD/JPY technical levels

AUD/JPY daily chart

 

Jan 10, 2024

Yen slumps across the board, USD/JPY probes toward 146.00

The USD/JPY rose on Wednesday, tapping 145.80 as the pair grinds towards the 146.00 handle.
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Jan 10, 2024

Forex Today: Investors’ optimism kept the Dollar depressed ahead of US CPI

The improvement in sentiment surrounding the risk-linked galaxy weighed on the greenback and sponsored a corrective knee-jerk in the USD Index (DXY) amidst increasing prudence ahead of the release of key US CPI on Thursday.
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