In Tuesday's session, the AUD/JPY pair continued to edge higher, securing some gains but at a seemingly slower pace, stabilizing around the 104.60 mark.
Daily chart indicators suggest a slowdown in buying traction with RSI positioned above 70 indicating overbought conditions. Hourly chart indicators weaken, implying the possibility of short-term losses in the upcoming Asian session. The bulls might not have enough traction to retest the cycle highs above 105.00. In Tuesday's session, the AUD/JPY pair continued to edge higher, securing some gains but at a seemingly slower pace, stabilizing around the 104.60 mark.
Concurrently, the MACD prints rising red bars, hinting at a weakening bullish momentum in the near term. AUD/JPY hourly chart Zooming out for the big picture, the AUD/JPY continues to trade above all three key Simple Moving Average benchmarks of 20, 100, and 200 days, affirming a bullish perspective. However, with the pair stabilizing around multi-year highs, and overt signs of buyer exhaustion, the possibility of a near-term correction is becoming increasingly apparent.
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