The AUD/JPY broke the major resistance of 97.30 due to the weak yen after a long consolidation. It reached an intraday high of 97.33 and is currently trading around 97.215. The intraday trend remains bullish as long as support at 96 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 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 97.50, a breach above this level targets 98/98.75/100/100.42.
Market Indicators (4-hour chart)
CCI (50)- Bullish
Directional movement index - Bullish
Trading Strategy: Buy
It is good to buy on dips around 97 with SL around 96 for a TP of 98.75/100
