AUD/JPY Price Forecast: Tests 100.50, nine-day EMA amid potential momentum shift
AUD/JPY may appreciate as daily chart analysis indicates a potential shift in price momentum from bearish to bullish.
A bullish reversal could be possible if the nine-day EMA breaks above the 14-day EMA.
A break above nine- and 14-day EMAs could cause the emergence of a bullish bias.
The AUD/JPY cross remains relatively flat around 100.50 during the Asian trading session on Tuesday, following a nearly 1% gain in the previous session. An analysis of the daily chart suggests a potential shift in momentum from bearish to bullish as the pair seeks to break above the nine-day Exponential Moving Average (EMA).
Additionally, the nine-day EMA is currently just below the 14-day EMA. An upward crossover would signal a shift in the short-term price momentum from bearish to bullish, as it indicates that recent prices are gaining strength and pushing higher compared to the longer-term trend.
Additionally, the 14-day Relative Strength Index (RSI) is at the 50 level, signaling a neutral market condition. Any further movement in the AUD/JPY cross will likely determine the next clear directional trend.
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