The AUD/JPY pared some of its gains despite a strong trade balance. It reached a high of 97.30 and is currently trading around 96.72. The intraday trend remains bullish as long as support at 96 holds.
The pair is trading below the 55 EMA and above the 200 EMA and 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 97.30, a breach above this level targets 97.64/98.
Market Indicators ( 60 min chart)
CCI (50)- Bearish
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.
