AUD/JPY PRICE ANALYSIS: BULLS FOUND SOME GAINS ON WEDNESDAY, BEARS STILL PRESENT

• The daily chart shows that the RSI is now above 50 showing a surge in buying momentum.
• On the hourly chart, the RSI hit a peak of 68 and turned south.
• Despite minor bearish signs, the pair above main SMAs confirms an overall bullish trend.

In Wednesday's session, the AUD/JPY was seen trading at around 97.75, recording a gain of 0.23%. The pair exhibits a bullish trend in the larger picture, managing to maintain its upward momentum beyond its benchmarks of the main Simple Moving Averages (SMAs) of 100 and 200 days. On the daily chart, bulls seem to have surged after days of losses, but there are signs of those movements being short-lived.

On the daily chart, the AUD/JPY's Relative Strength Index (RSI) has been clustering in positive territory, hovering at a recent high of 51.46 after an upward drift from sub-40 levels. In sync with the rising trajectory of the RSI, the Moving Average Convergence Divergence (MACD) histogram has flat red bars, indicating a weakening of the bearish momentum