AUD/JPY trades slightly weak as yen recovers. Reaching an intraday low of 97.665, it now trades at around 97.701. The intraday trend is still bullish as long as support at 97.24 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 close below 97.70 indicates the intraday trend is weak. A dip to 97.25/96.75/96.30/96/ 95.50/95/94.40/93.95/93 is possible. Immediate resistance is at 98.20, a breach above this level targets 98.50/98.75/100/100.42.
Market Indicators ( 4-hour chart)
CCI (50)- Bullish
Directional movement index - Neutral
Trading Strategy: Buy
It is good to buy on dips around 97.68-70 SL around 97.20 for a TP of 100.
