During Thursday's trading session, the AUD/JPY pair witnessed sharp losses towards 107.30.
AUD/JPY sharply declined by more than 1.50%. The RSI fell non-stop from the deep overbought region near its middle point. During Thursday's trading session, the AUD/JPY pair witnessed sharplosses towards 107.30. Overall, the pair is generally taking a pause as buyers hold off, and given the pair's status in the multi-year, the probability of further corrections is imminent. However, indicators scaped overbought conditions which is healthy for the pair.
Concurrently, the Moving Average Convergence Divergence portrays a declining green bars scenario, mimicking a tapering off of the existing bullish momentum. AUD/JPY daily chart From the broader perspective, the AUD/JPY pair continues to exhibit signs of a potent bullish sentiment backed by its position in multi-year highs and above its main Simple Moving Averages . In case of furtherpullbacks, several key supports line up below 107.00 where the 20-day SMAconverges. The 106.50 and 106.
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