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Analysis of the AUD/JPY Price: Bears Advance with Hourly RSI Near Oversold Region; Trend Remains Bullish
Presently, the AUD/JPY is trading at approximately 97.90, which signifies a decline of 0.55% during the Wednesday session. While the daily RSI MACD on the AUD/JPY suggests that momentum may be waning, investors persist in gaining the upper hand. Nevertheless, increased selling activity is suggested by the hourly chart indicators, as the RSI enters oversold regions.
Wednesday trading saw the AUD/JPY decline to approximately 97.90, a loss of 0.55%. A transition in dominance from bears to bulls is suggested by the short-term technical outlook, while the overall bullish trend continues to be positive.
The Relative Strength Index (RSI) for the AUD/JPY pair maintains a positive reading on the daily chart, albeit with a downward trend. Notwithstanding the recent decline in the RSI, the prevailing market conditions indicate that the purchasing pressure marginally surpasses the selling pressure, as the indicator remains above the 50 mark. On the contrary, an ongoing downward trajectory, as evidenced by the negative slope of the RSI since its most recent apogee, suggests a waning of purchasing power.
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Conversely, a reduction in the number of green bars in the Moving Average Convergence Divergence (MACD) histogram serves as an indication of a possible trend change. In general, a declining MACD histogram signifies a diminishing positive momentum, which may portend the impending takeover by sellers.
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