AUD/JPY Eyes 98: Buy Dips as Bullish Momentum Builds

The AUD/JPY showed a minor sell-off as the yen gained momentum. It reached a high of 97.14 and is currently trading around 96.89. The intraday trend remains bullish as long as support at 96 holds.

The pair is trading above the 55 and 200 EMA, and below the 365 EMA (long-term), on the one-hour chart, confirming a bullish trend.  Any violation below 96.60 indicates the intraday trend is weak. A dip to 96/ 95.50/95/94.40/93.95/93 is possible.  Immediate resistance is at 97.20, a breach above this level targets 97.64/98.

Market Indicators ( 60 min chart)

CCI (50)- Bullish

Directional movement index - neutral

Trading Strategy:  Buy

 
It is good to buy on dips around 96.40 with SL around 96 for a TP of 97.20/98.