The AUD/JPY trades in a narrow range after hitting a minor top around 97.28. It reached a low of 96.55 and is currently trading around 96.90. The intraday trend remains bullish as long as support at 96 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 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 97.30, 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 96.60 with SL around 96 for a TP of 98.
