The AUD/JPY declined slightly on Australian weakness. It reached an intraday low of 97.25 and is currently trading around 97.354. The intraday trend remains bearish as long as the resistance at 98 holds.
The pair is trading below 55 and 200 EMA and 365 EMA (long-term) on the 1-hour chart, confirming a bearish trend. Any close below 97.20 indicates a weak intraday trend. A dip to 97/96.75/96.30/96/ 95.50/95/94.40/93.95/93 is possible. Immediate resistance is at 98, a breach above this level targets 98.50/98.75/100/100.42.
Market Indicators ( 1-hour chart)
CCI (50)- Bearish
Directional movement index - Bearish
Trading Strategy: Sell
It is good to sell on rallies around 97.68-70 SL around 98.10 for a TP of 95.50.
