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AUD/JPY Eyes 100: Bullish Surge Awaits Fed's Next Move

The AUD/JPY showed a minor profit booking ahead of the Fed's monetary policy. It reached a low of 97.70 and is currently trading around 97.775. The intraday trend remains bullish as long as support at 97 holds. 

 

The pair is trading above 55 and  200 EMA and 365 EMA (long-term) on the 4-hour chart, confirming a bullish trend.  Any violation below 97.48 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 98.50, a breach above this level targets 98.75/100/100.42.

Market Indicators (4-hour chart)

CCI (50)- Bullish

Directional movement index - Neutral

Trading Strategy:  Buy

 
It is good to buy on dips around 97.65-70 with SL around 97 for a TP of 100

 

 

 

 

 

 

 

 

 

 

 

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