Bulls dominate momentum and clear daily losses

• The AUD/JPY is currently trading at 97.70 with mild gains in the Thursday session after bottoming at a low of 97.30.
• Daily chart indicators suggest that the buyers are in control of short-term price movement.

On Thursday, the AUD/JPY pair was rebounding from a daily low of 97.30 to 97.70 suggesting that the bulls are controlling the movement. The overall trend is also positive as the cross holds above the main Simple Moving Averages (SMAs).

On the daily chart, the Relative Strength Index (RSI) for the pair is currently in positive territory, indicating a positive momentum. The RSI has been trending slightly higher over the past few days, suggesting that buyers continue to dominate the market. In addition, the Moving Average Convergence Divergence (MACD) histogram is showing a rising trend, with green bars indicating positive momentum further supporting the positive outlook. Looking at the larger context, the AUDJPY pair remains above the 20, 100, and 200-day Simple Moving Averages (SMAs), indicating a bullish overall trend. This further supports the positive outlook for the pair.

AUD/JPY daily chart