AUD/JPY Range-Bound Resilience: Buy the Dips as Bulls Hold Key Support at 104.35

AUDJPY has traded in a narrow range between 103.89 and 105.21 for the past four days. Intraday trend is favorable as long as support 103.80 endures. Presently at 104.58, it touched a low of 104.38 yesterday.

Oscillators and moving averages to forecast the trend of AUDJPY

CMP- 104.57

EMA (4-hour chart)

55-EMA- 104.18

200-EMA- 102.74

365-EMA- 101.45. The pair trades above the short and above long-term moving average.

Major Support- 104.35. Any breach below 104.35 will drag the pair down to 103.80/103.50/103/102.79/102.25/102/101.40/100.98/100.35/100/99.70.

Major resistance - 105.20. Any break above 105.20 confirms minor bullishness; a jump to 105.70/106/107 is possible.

Indicator (4-hour chart)

CCI (50)-  Bullish

Average directional movement Index-  Neutral. All indicators confirm a neutral trend. 

It is good to buy on dips around 104.48-50 with SL 103.80 for TP of 107.