AUD/JPY intraday: the RSI is overbought
Our pivot point stands at 74.44.
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 above its 20 and 50 MAs (respectively at 74.56 and 74.40). Finally, the AUD/JPY is trading above its upper Bollinger band (standing at 74.67).
Alternative scenario:
the downside breakout of 74.44 would call for 74.22 and 74.08.
Our preference:
the upside prevails as long as 74.44 is support.
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