- The AUD/JPY pair is falling to 107.10, holding just above the 20-day SMA support.
- After a significant decline on Thursday, the outlook looks bearish over the next few sessions.
Friday’s trading session saw a decline in the AUD/JPY pair, which fell 0.23% to 107.10. This indicative decline marks a significant change from the previous session when the pair crossed above the 109.00 level. The current circumstances suggest a bearish outlook for the next few sessions as it becomes obvious that sellers have found a foothold.
The daily Relative Strength Index (RSI) for the AUD/JPY pair has seen a significant drop from Thursday’s 79 to 54, even drifting negative. This trend change suggests weakening upside momentum, potentially meaning more bearish days ahead. In line with this, the Moving Average Convergence Divergence (MACD) indicator is showing rising red bars.
AUD/JPY Daily Chart
Looking at the bigger picture, AUD/JPY continues to show signs of a possible bearish sentiment given its position just above the 20-day SMA support at 107.10. In case of further declines, immediate support levels at 107.00 and 106.00 are key areas to watch. However, to avoid further potential losses, buyers need to target a rebound that extends towards the 108.00 barrier.
