FX.co ★ Technical Analysis of Intraday Price Movement of AUD/JPY Cross Currency Pairs, Wednesday May 08, 2024.

If we look at the 4-hour chart of the AUD/JPY cross currency pair, we can see that the 50 MA is above the 200 MA, which means it is still intersecting with the Golden Cross, which indicates that Buyers are still dominant, especially as this is also confirmed by the holding of the AUD/JPY downward correction at the area level. The Bullish Fair Value Gap is holding back the pace of the weakening correction thereby giving strengthening momentum to this currency pair so that as long as there is no further weakening correction which breaks below the 100.46 level then AUD/JPY still has the potential to continue its strengthening up to the 102.83 level in the near future and if the momentum and volatility are supportive, so it is not impossible that level 103.84 will be the next target to be aimed at.

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