AUDJPY Battles Key Resistance at 100.60: Bulls Eye 102.40 on Pullbacks

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.