AUD/JPY Price Analysis: Bearish bias subdued, indicators hint at consolidation phase

• The AUD/JPY set decreased to 96.45 on Friday resuming the losses after 3 sessions with gains.
• Nevertheless, technical indications recommend a shift towards neutral area, with the RSI vacating the oversold zone and the MACD revealing reducing red bars.
• The cross will close a weekly gain of almost 1% regardless of the losses.

In Friday’s session, the AUD/JPY set decreased by 0.65% to 96.45, extending its current down trajectory. In spite of this relocation lower, technical indications are revealing indications of a prospective shift in market belief.

The Relative Strength Index (RSI) has actually vacated the oversold area listed below 30 and is presently hovering around 33. This recommends that the AUD/JPY is no longer thought about oversold and is moving towards neutral ground. The Moving Typical Merging Divergence (MACD) is likewise revealing reducing red bars, showing that the bearish momentum might be subsiding.

AUD/JPY everyday chart

Based upon these technical observations, it is possible that the AUD/JPY set is going into a combination stage. The set might continue to trade within a variety, with restricted drawback capacity due to the increasing assistance at 96.00 and 95.00. On the benefit, resistance at 97.00, 98.00, and 100.00 might restrict any substantial upward motion.