AUD/JPY PRICE ANALYSIS: BEARS CONSOLIDATE AFTER HITTING OVERSOLD CONDITIONS IN THE HOURLY CHART

• The hourly RSI recovered after bottoming at oversold conditions.
• The negative outlook is more evident on the daily chart with bears threatening the 100-day SMA.
• As long as the bulls hold above the 100 and 200-day SMAs, the overall trend will remain bullish.

In Monday's session, the AUD/JPY pair commenced the week with a drop of 0.50%, trading around the 96.97 level. Bears are in command for the short term, but their momentum seems to fade. On the broader scale, the outlook remains bullish

The AUD/JPY pair on the daily chart shows a negative outlook. The Relative Strength Index (RSI) remains deep in negative territory and seems to be en route to the oversold region. Meanwhile, the Moving Average Convergence Divergence (MACD) depicts rising red bars, suggesting an increased bearish momentum