In Thursday's session, the AUD/JPY pair witnessed a dip towards 104.00 as buyers cashed in their profits, which saw the pair soaring above the 20-day Simple Moving Average (SMA).
The AUD/JPY pair is experiencing a decline as buyers take profits, causing it to hover around the 20-day SMA. In spite of the drop, the pair remains in consolidation, suggesting the possibility of a limited decline for the time being. If the bulls are successful in building support around the 20-day SMA, the next potential target lies within the 104.50-105.00 price range. In Thursday's session, the AUD/JPY pair witnessed a dip towards 104.
In contrast, the Moving Average Convergence Divergence is exhibiting stationary red bars, indicative of a stabilizing momentum. AUD/JPY daily chart In conclusion, the AUD/JPY pair appears to be in a consolidation phase, despite a drop this Thursday as trading hovers around the 20-day SMA. The possible range of 102.00-103.00 for the upcoming sessions may denote the continuation of side-ways trading as bulls seem to be consolidating from the May rally which had lifted the pair near 105.00.
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