AUD/JPY Bounces Off Support — But 108 Still Caps the Upside

AUDJPY rose somewhat from trend-line support. The intraday trend is downward as long as the resistance at 108 holds. Yesterday, the pair hit a low of 106.06; it is now trading at about 106.90.

Oscillators and moving averages to forecast the trend of AUDJPY

CMP- 106.90

EMA (4-hour chart)

55-EMA- 106.71

200-EMA- 105.17

365-EMA- 103.67. The pair trades above the short and long-term moving averages.

Major Support- 106.50. Any breach below 106.50 will drag the pair down to 106/105.44/105/104.70/104.35/103.80/103.50/103.

Major resistance - 107.25. Any break above 107.25 confirms minor bullishness; a jump to 108/108.52/109.20/110 is possible.

Indicator (4-hour chart)

CCI (50)-  Neutral

Average directional movement Index-  Neutral. All indicators confirm a mixed trend.

It is good to sell on rallies around 107.18-20 with SL 108 for TP of 105/104.35.