AUD/JPY PRICE ANALYSIS: BULLISH MOMENTUM SIGNALED THROUGH SHORT-TERM CONSOLIDATION IS ON THE HORIZON

Building momentum is indicated by the RSI on the daily chart.

The hourly chart also strengthens the positive outlook, with the presence of bullish momentum but hinting at a slight wobble.

The pair recovered the 20-day SMA affirming the continued bullish sentiment.

During Wednesday's session, the AUD/JPY edged higher. The strength of the buyers primarily on the daily chart fuels this bullish sentiment. However, the hourly chart flashes signs of short-term contention, suggesting a potential consolidation for the rest of the session.

On the daily chart, the AUD/JPY pair indicates some bullish momentum. The Relative Strength Index (RSI) has moved into positive territory, which marks an upbeat momentum, with its latest reading standing slightly above the midpoint. Simultaneously, the Moving Average Convergence Divergence (MACD) histogram printing flat red bars indicates a decreasing bearish momentum in the short term