- AUD/JPY bulls pushed it higher on Thursday to 96.80, extending the rebound.
- Technical indicators are improving, RSI broke out of the oversold area and MACD displayed descending red bars below its neutral line.
During Thursday’s session, the AUD/JPY pair rose 1.20% to 96.80, continuing its uptrend after hitting a low of 90.10 on August 5.
Technical indicators are improving. The Relative Strength Index (RSI) is rising and recently broke through the oversold threshold, indicating increasing momentum. Meanwhile, the Moving Average Convergence Divergence (MACD) indicator is reducing the red bars below its neutral line but is losing momentum, suggesting a potential loss of bearish momentum.
AUD/JPY Daily Chart
Given the above and broader market risk appetite on Thursday, AUD/JPY could continue its rally towards 98.00. However, if the pair fails to break above 98.00, it could correct lower. Immediate support is seen at 96.00 and then 95.35. Other resistances are seen at 98.00 and then the psychological level of 100.00.
