AUD/JPY extends its gains, reaching new highs past 107.00 on Friday.
Indicators hint at possible downward correction due to overbought conditions.
On Friday, the AUD/JPY pair continued its uptrend, achieving new highs beyond 107.00, surpassing yet again its 2013 high levels.
On a daily scale, the Relative Strength Index (RSI) of the AUDJPY has spiked to 74 from 65 last Thursday. This sharp increase signals a strengthening bullish momentum but simultaneously places the pair in an overbought position, which might incite a downward correction. The Moving Average Convergence Divergence (MACD) shows a continuation of the rising green bars, indicating that the bullish momentum remains strong however an adjustment might be on the horizon due to overbought conditions.
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