AUD/JPY rebounds near 97.00, bulls in control

• The AUD/JPY pair experienced a significant recovery and is currently positioned at 96.90, which represents an increase of 0.60%.
• The daily chart shows positive momentum, with indicators signaling bullish activity.
• Consolidation of gains is seen on the four-hour chart.

In Thursday's session, the AUD/JPY pair stood at 96.90 and recorded a notable recovery of 0.60%, reaching a high of 97.20 during the day. The daily chart presents a bullish picture, with buyers gradually gaining a foothold. Simultaneously, the four-hour chart indicators point to a possible consolidation of these gains, showing a general flattening inertia.

The upward trajectory of the daily Relative Strength Index (RSI) in the positive zone reveals that buyers are maintaining their dominance over sellers. This buying momentum is underlined by the rising moving average convergence divergence (MACD) bars, a sign of strengthening bullish sentiment. Furthermore, the fact that the pair remains above the 20-day, 100-day, and 200-day simple moving averages (SMA) corroborates this stance, as the bulls exert their control over the broader market trends, consolidating their position in the driver's seat.

From a more limited perspective, the four-hour chart shows a slightly different scenario. Despite the overall bullish sentiment, consolidation appears to dominate the market at the moment. Indicators suggest a pause in the move, with the Relative Strength Index (RSI) flat in the positive region, signaling a short-term break in buying pressure. Similarly, the flat green Moving Average Convergence Divergence (MACD) bars suggest short-term consolidation; the bulls continue to dominate in the medium term. In summary, although a momentary consolidation is observed, the buying impulse continues to be the main force in the market.

AUD/JPY Technical data