AUD/JPY intraday: the RSI is overbought
Our pivot point stands at 73.36.
Comment:
the RSI is trading above 70. This could mean that either the pair is in a lasting uptrend or just overbought and that therefore a correction could shape (look for bearish divergence in this case). The MACD is positive and above its signal line. The configuration is positive. Moreover, the pair is trading above both its 20 and 50 MAs (respectively at 73.32 and 73.23).
Alternative scenario:
the downside breakout of 73.36 would call for 73.14 and 73.
Our preference:
the upside prevails as long as 73.36 is support.