AUD/JPY Price Analysis: Cross plunges and falls below 108.00

• 
  AUD/JPY
  sharply
  declined
  by
  more
  than
  1.50%.
• 
  The
  RSI
  fell
  non-stop
  from
  the
  deep
  overbought
  region
  near
  its
  middle
  point.

During
Thursday’s
trading
session,
the
AUD/JPY
pair
witnessed
sharp losses
towards
107.30.
Overall,
the
pair
is
generally
taking
a
pause
as
buyers
hold
off,
and
given
the
pair’s
status
in
the
multi-year,
the
probability
of
further
corrections
is
imminent.
However,

indicators
scaped
overbought
conditions
which
is
healthy
for
the
pair.

On
the
daily
view,
the
Relative
Strength
Index
(RSI)
for
AUDJPY 
plunged
to
nearly
56,
non-stop
from
the
70
threshold.
Concurrently,
the
Moving
Average
Convergence
Divergence
(MACD)
portrays
a
declining
green
bars
scenario,
mimicking
a
tapering
off
of
the
existing
bullish
momentum.

AUD/JPY
daily
chart

From
the
broader
perspective,
the
AUD/JPY
pair
continues
to
exhibit
signs
of
a
potent
bullish
sentiment
backed
by
its
position
in
multi-year
highs
and
above
its
main
Simple
Moving
Averages
(SMAs).
In
case
of
further pullbacks,
several
key
supports
line
up
below
107.00 
where
the
20-day
SMA converges.
The
106.50
and
106.00
could
come
into
play
to
limit
losses.
However,
should
the
pair
sustain
buyer
interest,
the
pair
might
seek
a
retest
around
the
107.00-109.00
area.