AUD/JPY trades slightly weak as yen gains momentum. Reaching an intraday low of 97.204, it now trades at around 97.306. The intraday trend is bearish as long as the resistance at 98.25 holds.
Oscillators and moving averages to forecast the trend of NDJPY
CMP- 97.28
EMA (4-hour chart)
55-EMA- 97.55
200-EMA- 97.13
365-EMA- 96.52. The pair trades below the short-term moving average and above the long-term moving average.
Previous week low- 97.24 (Sep 19th low). Any breach below 97.20 will drag the pair down to 96.51/96/95.
Previous week high- 98.22 (Sep 25th high). Any break above 98.25 confirms minor bullishness; a jump to 99/100 is possible. Minor resistance 97.61/97.80.
Indicator (4-hour chart)
CCI (50)- Bearish
Average directional movement Index- Neutral. All indicators confirm a mixed trend.
It is good to sell on rallies around 97.58-60 with SL around 98.25 for TP of 96.
It is good to buy on dips around 97.68-70 SL around 97.20 for a TP of 100.
