The AUD/JPY showed a minor pullback after a minor dip below 365- H EMA. The pair breaks a trend line resistance at 97.75. It reached an intraday high of 98.09 and is currently trading around 97.931. The intraday trend remains bullish as long as support 97.25 holds.
The pair is trading below 55 and 200 EMA and 365 EMA (long-term) on the 1-hour chart, confirming a bullish trend. Any close below 97.60 indicates the intraday trend is weak. A dip to 97/96.75/96.30/96/ 95.50/95/94.40/93.95/93 is possible. Immediate resistance is at 98.20, a breach above this level targets 98.50/98.75/100/100.42.
Market Indicators ( 1-hour chart)
CCI (50)- Bullish
Directional movement index - Bullish
Trading Strategy: Buy
It is good to buy on dips around 97.78-80 SL around 97.20 for a TP of 100.
