The AUD/JPY gained sharply on the strong Australian dollar. It reached an intraday high of 98.27 and is currently trading around 98.25. The intraday trend remains bullish as long as support at 96.40 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 97.65 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 98.50, a breach above this level targets 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 97.65-70 with SL around 97 for a TP of 100
