On Monday, the AUD/JPY pair showed signs of stabilizing and rebounded to 103.80, near the 20-day Simple Moving Average (SMA).
Daily chart indicators reveal a slight recovery from the latest bearish movements of thepair. Signs of a bullish pivot are emerging, intimating a potential decrease in bearish pressure or a hiccup in the consolidation phase. The pair contacts the crucial 20-day SMA at 103.90, which recently began to act as a resistance. On Monday, the AUD/JPY pair showed signs of stabilizing and rebounded to 103.80, near the 20-day Simple Moving Average .
If a bullish reaction propels the pair above the currently challenging 20-day SMA at 103.90, and towards the 105.00 level, significant resistance is to be expected. However, if these resistance barriers hold firm, the AUD/JPY pair may prolong its consolidation stage. In conclusion, the AUD/JPY pair has encountered strong support at 103.00, indicated by its recent recovery to 103.80 on Monday.
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