Following a 200-pip near-month increase over the past eight months, AUDJPY trades flat. The intraday trend is up as long as support 108 holds. Having touched an intraday high of 110.17, it is currently trading around 110.12.
Oscillators and moving averages to forecast the trend of AUDJPY
CMP- 110.12
EMA (1-hour chart)
55-EMA- 109.72
200-EMA- 108.82
365-EMA- 108.07. The pair trades above the short and long-term moving averages.
Major Support- 109.65. Any breach below 109.65 will drag the pair down to 108.60/108/107.40/107/106/105.44/105.
Major resistance - 110.80. Any break above 110.80 confirms minor bullishness; a jump to 112/113 is possible.
Indicator (1-hour chart)
CCI (50)- Bullish
Average directional movement Index- Neutral. All indicators confirm a neutral trend.
It is good to buy on dips around 109.48-50 with SL 108.80 for TP of 112.
