Note

AUD/JPY PRICE ANALYSIS: BULLS HOLD THE FORT DESPITE CLOSING A LOSING WEEK

· Views 46




  • The AUD/JPY stands strong at around 97.45, flaunting a gain of 0.25%.
  • Despite the upwards movements, the cross will still close a 0.20% weekly loss.
  • An optimistic scenario is reflected in larger time frames with the pair trading above the 20,100,200-day SMAs.

On Friday's session, the AUD/JPY was trading at 97.45, up by 0.25%. The daily chart shows a neutral to bullish sentiment, with bulls keenly holding their ground while the four-hour outlook mirrors the daily one, with a predominant bullish presence.

The indications on the daily chart reflect a sideway move with a slight bullish inclination. A surge is suggested by the Relative Strength Index (RSI) with a positive slope and lies in positive space, indicating that the buying strength still holds the upper hand. Yet, the Moving Average Convergence Divergence (MACD) showing static green bars suggests a lack of momentum for further bullish advancement. However, positioning above the 20, 100, and 200-day Simple Moving Averages (SMAs) solidifies the evidence that bulls dominate in the long-run realm, even with the weekly retracement.

The four-hour chart, it echoes a similar sentiment. The Relative Strength Index (RSI), still in positive territory and on an upward bend hints at the continued presence of bullish momentum. In the meanwhile, the Moving Average Convergence Divergence (MACD) laying flat with red bars could point to a short-term pullback or consolidation period. Nonetheless, the bulls' persistence indicates that the uptrend may continue in the following trading sessions, assuming that buying pressure remains


Disclaimer: The content above represents only the views of the author or guest. It does not represent any views or positions of FOLLOWME and does not mean that FOLLOWME agrees with its statement or description, nor does it constitute any investment advice. For all actions taken by visitors based on information provided by the FOLLOWME community, the community does not assume any form of liability unless otherwise expressly promised in writing.

FOLLOWME Trading Community Website: https://www.followme.com

If you like, reward to support.
avatar

Hot

No comment on record. Start new comment.