During the last trading session of the week, the AUD/JPY currency pair was seen maneuvering around the 103.00 level. This was likely indicative of an ongoing consolidation period following the impressive rally since early May.Shifting the attention to the daily Relative Strength Index (RSI) analysis, the index was seen sitting at 49. When compared to the previous readings, a clear decline may suggest bearish momentum in the short-term. Moreover, the Moving Average Convergence Divergence (MACD) started printing flat red bars, signaling that the market has been experiencing steady selling activity.
AUD/JPY Daily Chart
Should the pair suffer further losses in the coming days, the 100- and 200-day SMAs would be readily available as buffering units. These averages were recently situated at about 99.80 and 97.98, respectively.Conversely, any attempt by the bulls to push the pair above the aforementioned 20-day SMA and further to the 105.00 level would be met with resistance. If these resistance barriers remain unbroken, the AUD/JPY pair might extend its consolidation phase.
AUD/JPY Technical Levels
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