With the weakening of the yen, AUDJPY has reached a new high in several years. The intraday trend is bullish as long as Support 05.70 holds. It has already reached a session high of 106.71 and is now trading at approximately 106.34.
Oscillators and moving averages to forecast the trend of AUDJPY
CMP- 106.54
EMA (4-hour chart)
55-EMA- 105.48
200-EMA- 103.89
365-EMA- 102.51. The pair trades above short and long term moving average.
Major Support- 105.90. Any breach below 105.90 will drag the pair down to 105.44/105/104.70/104.35/103.80/103.50/103.
Major resistance - 106.75 Any break above 106.75 confirms minor bullishness, a jump to 107/107.77/108/109 is possible.
Indicator (4-hour chart)
CCI (50)- Bullish
Average directional movement Index- Bullish. All indicators confirm a bullish trend.
It is good to buy on dips around 105.40-45 with SL 104.70 for TP of 107.
