AUD/JPY Rebounds on Intraday Momentum, But Bearish Outlook Remains

The Australian Dollar (AUD) against the Japanese Yen (JPY) has seen an upward move following intraday momentum, but experts warn that this may be a temporary rebound in what remains a bearish market. The AUD/JPY pair is currently trading below its key moving averages and technical indicators are in oversold territory.

The current price of the AUD/JPY stands at ¥111.1, with a 0.41% increase from the previous day's close. However, analysts note that this move looks limited and the pair is still under pressure from sellers.

AUD/JPY has been trading below its 20-day, 50-day, and 200-day moving averages since recent highs, indicating a strong downtrend. Technical indicators such as RSI, Stochastic RSI, CCI, and BBP are all in oversold territory, with momentum indicators neutral or pointing to further downside.

The analysis suggests that the AUD/JPY is likely to remain in a ¥109.63 to ¥112.78 range over the next 5 days, with a 75% probability of further downside.