In Monday's session, the AUD/JPY pair experienced limited losses and then recovered to trade with gains, with attention focused on reinforcing the support at the 20-day Simple Moving Average (SMA), after dipping briefly below 103.60 and then recovering it back.
The AUD/JPY showed tepid losses on Monday and then recovered, focusing on building support around the 20-day SMA regained last week. Given continued side-ways trading, the pair might move in the 104.00 - 105.00 range. In Monday's session, the AUD/JPY pair experienced limited losses and then recovered to trade with gains, with attention focused on reinforcing the support at the 20-day Simple Moving Average , after dipping briefly below 103.60 and then recovering it back.
This situation leads to an expectation of continued sideways trading within the 104.00-105.00 range for the forthcoming sessions, as bulls are consolidating the gains from May's rally that took the pair near the 105.00 level. However, the periods of consolidation suggest a prep phase for bulls aiming for the 104.50-105.00 range once again. On the other hand, a breach below the 20-day SMA could tempt the sellers, with support lining up at 103.60, just below the mentioned SMA.
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