As the yen weakens, AUDJPY shot beyond 106. Should the 105.70 support level hold, the intraday trend stays toward the bulls. It peaked during the trading session at 106.63, currently at 106.55.
Oscillators and moving averages to forecast the trend of AUDJPY
CMP- 106.54
EMA (4-hour chart)
55-EMA- 105.90
200-EMA- 105.31
365-EMA- 104.83. The pair trades above short and long term moving average.
Major Support- 105.90. Any breach below 105.90 will drag the pair down to 105.44/105/104.70/104.35/103.80/103.50/103.
Major resistance - 106.70 Any break above 106.70 confirms minor bullishness, a jump to 107/107.77/108/109 is possible.
Indicator (4-hour chart)
CCI (50)- Bullish
Average directional movement Index- Bullish. All indicators confirm a bullish trend.
It is good to buy on dips around 105.40-45 with SL 104.70 for TP of 107.
