AUDJPY Struggles Below 100: Bearish Outlook Persists
AUDJPY gained more than 150 pips after forming a double bottom around 98.80. It hits a high of 100.55 and is currently trading around 100.54. Intraday trend remains bullish as long as support 99.70 holds.
Oscillators and moving averages to forecast the trend of AUDJPY
CMP- 100.55
EMA (1-hour chart)
55-EMA- 99.73
200-EMA- 99.89
365-EMA- 99.714. The pair trades below the short and long-term moving averages.
Major Support- 99.70. Any breach below 99.70 will drag the pair down to 99.25/98.80/98.25/97.48/97/96/95/94.39.
Major resistance - 100.60. Any break above 100.60 confirms minor bullishness; a jump to 101.20/101.90/102.40/103 is possible.
Indicator (1-hour chart)
CCI (50)- Bullish
Average directional movement Index- Bullish. All indicators confirm a bullish trend.
It is good to good to buy on dips around 100.30 with SL around 99.70 for TP of 102.40.
