The AUD/JPY declined slightly after the hawkish rate pause by the BOJ.It reached an intraday low of 97.305 and is currently trading around 97.346. The intraday trend remains bullish as long as support at 97 holds.
The pair is trading below 55 and 200 EMA and 365 EMA (long-term) on the 1-hour chart, confirming a bearish trend. Any close below 97.32 (365 H EMA) indicates the intraday trend is weak. A dip to 97/96.75/96.30/96/ 95.50/95/94.40/93.95/93 is possible. Immediate resistance is at 98, a breach above this level targets 98.50/98.75/100/100.42.
Market Indicators ( 1- hour chart)
CCI (50)- Bearish
Directional movement index - Bearish
Trading Strategy: Sell
It is good to sell on rallies around 97.40-45 with SL around 98 for a TP of 95.50.
